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To: Eric P who wrote (10603)	11/7/2000 5:15:50 PM
From: Dan Duchardt	of 18137

Eric, I have not studied everything about the proposal, but my take on what I have seen is somewhat different from yours. Here is a page with links to the original filing and amendments through #7. #8 is at the second link nasdaqtrader.com nasdaqtrader.com Briefly, my impression is there are three levels of bid and ask in SuperMontage, with a summary section showing the total number of shares at each of these levels. Each MM will display his proprietary quotes under his MMID, and his agency quotes separately under MMID@. In addition, MMs may quote "non-attributable" shares that show up in the montage only in the top level in an aggregated category called SIZE. Call it the MMs private ECN if you will. Second and third levels do not show SIZE, but the summary entries for these levels include the size of the non-attributable queue. I'm not sure if quotes beyond the third level show up at all, but I assume they do; there is no summary section below 3 levels. That's all I have time for at the moment, but that's the general idea as I understand it. Dan

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