Discussion in 'Trading' started by mjt, Jan 12, 2001.

  1. mjt


    I guess that this is supposed to be implemented Jan 22? Does anyone have a link that explains all the particulars?
  2. mjt


    I just read up on this. Look at this quote regarding Selectnet:

    ...preferenced orders to market makers in NNM securities must be at least 100 shares greater than the market maker's displayed size. For example, if the displayed size is 800 shares, your preferenced SelectnNet order must be for 900 shares. Any order that does not comply with this requirement will be rejected.

    Ok, with this strange rule, SelectNet is no longer a viable trading option, except in the rarest of situations. But let's say someone is using a best execution route such as ARCA (which uses SelectNet, not SOES, to trade with MMs). If the ECNs don't fill the order in entirety, your order has about a 99% chance of being canceled, because what are the odds that the remainder of your order will be for more than the displayed MM size?

    Pretty silly rule if you ask me.

  3. SuperSOES, the system that wasn't....

    Head Trader Alert #2001-09 - January 16, 2001
    SuperSoes Implementation Delayed
    (Alert #2001-09)
    As you are aware, Nasdaq® held an industry-wide SuperSoesSM test this weekend. While the test again demonstrated that the SuperSoes design is sound, issues arose with respect to the operation of the test, particularly at the opening. In addition, there continue to be unresolved questions with respect to the operation of vendors and numerous firms’ interfaces with the SuperSoes system. Based on these results and general industry feedback, we will not introduce SuperSoes on January 22, 2001.

    This disappointing conclusion has been reached despite concerted efforts by Nasdaq market participants, by market vendors, and by Nasdaq staff. We remain committed to the SuperSoes approach as an important evolutionary step toward SuperMontageSM. We are, however, reassessing the launch schedule and targeting a post-decimal timeframe for implementation. Nasdaq will use the additional time for continued communication and training and for the development of additional functionality.

  4. Baron

    Baron ET Founder

    Just to clarify what timeframe they are actually referring to, "post-decimal" means after decimalization of the Nasdaq has been fully rolled out. The last stage of that process is due to be completed on April 9, 2001. So at this point, it's going to be at least another 3 months before they make another attempt at rolling out SuperSOES.