What's gonna happen to the L2 screen?

Discussion in 'Order Execution' started by bungrider, Jun 13, 2002.

  1. Anyone know if supermontage will eliminate the nas L2 as we now know it?

    My impression was that instead of L2, we'll have that little supermontage box that you see on the nasd web page when you view the demo.

    Is this correct?
  2. Baron

    Baron ET Founder

    L2 will not change. However, super montage does have an aggregation feature that will display the total depth from the first five levels of prices, which will be new to some traders. However, RealTick has had this feature implemented already for at least a year, so its nothing new really.
  3. Baron

    Baron ET Founder

    For those that don't know, under Super Montage a MM can elect to display an order on L2 under the generic alias of "SIZE", so nobody will know where the order is coming from. I assume this is Nasdaq's attempt to provide MMs with an internal ECN that provides anonymous liquidity, therefore competing with the existing ECNs.
  4. In addition,SIZE will also allow MM's to use the reserve size feature.Sometimes i wonder why MM's use their identifier and SIZE(once Supermontage rolls out)to place bids and offers,when ISLD and INCA rebate more than Nasdaq for providing liquidity.Anyone?
  5. Does anyone know how ARCA will change the way it routes orders once Supermontage rolls out?