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To: LPS5 who wrote (10502)	9/6/2002 6:27:18 PM
From: LPS5	Read Replies (1) \| Respond to of 12617

Given this: Message 17932998 Analysts estimate that a one month delay to the launch of SuperMontage will cost the Nasdaq roughly $500,000 in interest on its $100 million investment in the system. The plan among SuperMontage opponents will probably be to do everything and anything possible to delay its rollout. Central to that strategy will almost certainly be the objective of forcing the absorption of high costs by using both the red tape of courtroom delays and, indeed, the legacy bureaucratic inefficiencies of SuperMontage's former parent regulator to their advantage. LPS5

To: LPS5 who wrote (10502)	9/9/2002 6:23:47 AM
From: supertip	Respond to of 12617

Nasdaq Targets Listed Trading With Supermontage Raul Gallegos Just days after SuperMontage received the regulatory go-ahead, the Nasdaq Stock Market is already setting it sights on trading New York Stock Exchange and American Stock Exchange-listed stocks side-by-side with Nasdaq securities. It would be an outright challenge by Nasdaq to go head-to-head with the Big Board in competition for listed trading volume, according to observers. Nasdaq has already begun work on a SuperMontage enhancement for listed trading and is discussing the upgrade with regulators, said Erich Buckenmaier, director of the Nasdaq InterMarket. The plan would be for Nasdaq to begin trading listed securities with SuperMontage as early as next fall, he continued. The change would fit perfectly with the trend among brokerage firms to consolidate their listed and over-the-counter stock trading floors, Buckenmaier added. Nasdaq's attempt to tap Big Board volumes are fueled by a search for new revenue sources. Nasdaq has lost more than half the volume in its own stocks to electronic communication networks and other alternative systems, according to statistics published by the dealer market. Nasdaq already provides traders a means to trade listed stocks through the Nasdaq InterMarket, but volume remains thin. Buckenmaier acknowledged that Nasdaq has failed to appropriately support the InterMarket, which is run by a small staff of seven people, so it's not as widely used as Nasdaq would like. Plus, the Nasdaq wants to make SuperMontage, which has taken three years to get approved, the cornerstone of its market. There were no readily available projections regarding how much listed volume Nasdaq expects to garner with the SuperMontage enhancement. Buckenmaier said Nasdaq officials first thought of enhancing SuperMontage as a response to requests from traders seeking a similar system to trade listed stocks. Nothing can guarantee that trading listed stocks will be a success with SuperMontage, he conceded, but once traders are operating in a SuperMontage environment they may be inclined to use it for more listed volume, he added. Buckenmaier said that while Nasdaq officials think a SuperMontage enhancement could easily bolster the stock market's trading of Big Board stocks, they also believe Nasdaq needs to market its listed trading more aggressively. To that end, Nasdaq has moved to slash its InterMarket fees in a bid to attract more listed trading from users (see story, page 7). Buckenmaier said the technical changes to SuperMontage and regulatory approval could take anywhere from a year to 18 months.