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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (9875)4/3/2002 2:35:13 PM
From: TFF   of 12617
 
Nasdaq Says Prepared To Launch SuperMontage In Summer
Tue Apr 2,10:21 AM ET

(This story was originally published by Dow Jones Newswires)


NEW YORK -(Dow Jones)- The Nasdaq Stock Market said once the pricing schedule for SuperMontage is approved by the Securities and Exchange Commission (news - web sites), it will take effect with the launch of the new trading system in late July.

In a press release Tuesday, Nasdaq said execution fees for SuperMontage will be the same as for SuperSoes, including 0.2 cents a share to access liquidity and a 0.1-cent-a-share liquidity-provider rebate.

In addition, there will be no charge for internalizing, or self-preferencing, at the best bid and offer, and no order-entry fee for non-directed orders, eliminating the 10 cent SuperSoes order-entry fee.

There will also be a reduction of the cancellation fee to 1 cent from 25 cents for non-directed and preferenced orders.

Nasdaq said it is "well-positioned" to launch SuperMontage this summer, and is working closely with firms to ensure a smooth rollout.

SuperMontage will replace trading system SuperSoes, which was implemented in July 2001 . External customer testing of SuperMontage will begin this month.

Exchange Web site: nasdaqnews.com
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