SuperSOES update
nasdaqtrader.com
Head Trader Alert #2000-83 - November 3, 2000
SuperSoes/SelectNet Will Be Implemented on December 11, 2000; New SuperSoes/SelectNet Pricing Approved
As originally announced in August, Nasdaq® has made several changes to the SuperSoesSM system. In order to implement properly, these changes have required additional testing time. Therefore, Nasdaq has rescheduled the implementation of SuperSoes and the modifications to SelectNet® for Monday, December 11, 2000.
The implementation, which was previously scheduled for November 20, 2000, will include the following additional features:
The allowable size of SuperSoes orders has been expanded to 999,999 shares;
An order reference number has been added to Small Order Execution SystemSM (SOESSM) Order Entry, Execution and Scan messages;
Multiple timers have been created so the interval delay between executions may be set to different times for different sets of securities (e.g., initially, the Nasdaq-100® securities will be set to a two-second interval and all other Nasdaq National Market® securities will be at five seconds);
Multiple copies of the SOES application have been created for additional capacity; and
Internal processes have been modified to improve capacity.
This implementation will re-establish SelectNet as a non-liability system for purposes of order delivery and negotiation, and establish SuperSoes as the primary order routing and automatic execution system for Nasdaq National Market® (NNM) securities only. Processing of Nasdaq SmallCap MarketSM securities is unchanged.
The implementation date of December 11, 2000, is dependent upon the successful completion of user testing. The new Saturday production test dates are:
November 18, 2000
December 2, 2000
.........
New Pricing for SuperSoes and SelectNet Approved
The pricing for SuperSoes and SelectNet has been approved and will be effective with the launch of SuperSoes. There will be no charge to receive an order through either system, and Nasdaq will continue to volume-discount orders sent to electronic communications networks (ECNs)/alternative trading systems (ATSs) via SelectNet.
Vadym |
