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SUPERSOES Forum Dissusion and how it will change the way you trade. On July 9th, The Nasdaq Stock Marketâ will begin implementation of SuperSoesSM, their new primary order execution system. While the initial rollout will only affect 18 securities, SuperSoes will soon be in use for all Nasdaq® National Market (NNM) Securities. SuperSoes, which will eventually replace Nasdaq’s SOES order delivery system, is being rolled out in unison with changes to the SelectNet order routing system. While many traders may notice no change in their trading or executions, there are some key items to note regarding the SuperSoes transition: The changes will apply to NNM securities only – Nasdaq SmallCap stocks will not be affected. SuperSoes will be active during regular market hours, from 9:30 to 4pm EST; Pre and Post market session order routing and execution will remain unchanged. The maximum order size for auto-execution will be raised to 999,999 shares. SOES tier limits no longer apply. Directed orders will be eliminated. The 17-second interval delay between executions against the same Market Maker at the same price level will be reduced to a system minimum of “zero” seconds for all NNM securities (“zero” seconds is approximately .8 seconds processing time). This is pending Securities and Exchange Commission (SEC) approval. The system will be used for all order types; customers, broker-dealers and market makers will all trade through SuperSoes. At the same time, SelectNet will be updated to a non-liability order delivery and negotiation system, through the addition of an ‘Over-Sized Order Requirement’. This new system will no longer allow preferenced orders to be sent to Market Makers unless the orders are at least 100 shares greater than the Market Maker’s quote size. In other words, if you send an order preferenced to a Market Maker at (or under) their displayed quote size, your order will automatically be rejected. Two exceptions to this rule exist: Orders directed to an ECN, and orders to and from UTP specialists*. Nasdaq expects that implementation of SuperSoes and the changes in SelectNet will help improve the speed of executions and increase access to the full depth of a security’s trading interest. The implementation schedule will follow a phase-in approach with two pilot periods, followed by full implementation. · The first pilot period, which will include 20 securities (including two test stocks), will begin on July 9, 2001. · The second pilot period, which will include an additional 80 securities for a total of 100 securities (including test stocks), will begin on July 16, 2001. · Full implementation will begin on July 30, 2001, and will include all Nasdaq National Market (NNM) securities. The full list of pilot securities to be phased in has not yet been determined, but will be published in advance of implementation. The above dates may also be changed. . nasdaqtrader.com nasdaqtrader.com nasdaqtrader.com nasdaqtrader.com *"UTP Specialist" shall mean a broker/dealer registered as a specialist in Nasdaq securities pursuant to the rules of an exchange that is a signatory to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination Of Quotation and Transaction Information For Exchange-Listed Nasdaq/National Market System Securities Traded On Exchanges On An Unlisted Trading Privilege Basis ("Nasdaq/ NMS/UTP Plan"). nasdaqtrader.com SuperSoes FAQs The following questions regarding SuperSoesSM are compiled from a number of sources, including the Nasdaq® weekly marketwide conference calls regarding current issues, fielded telephone inquiries, and the asknasdaq@nasdaq.com mailbox. They have been divided into categories so that you may locate your question(s) more easily. If, after reading this document, you still have questions about SuperSoes implementation or functionality, please send them to asknasdaq@nasdaq.com. SuperSoes General When will SuperSoes be implemented? Nasdaq has scheduled the first implementation date for SuperSoes and the modifications to SelectNet® for Monday, July 9, 2001. The implementation schedule will follow a phase-in approach with two pilot periods, followed by full implementation. The first pilot period, which will include 20 securities (18 Nasdaq National Market® [NNM] securities and 2 test stocks), will begin on July 9, 2001. The second pilot period, which will include an additional 80 securities for a total of 100 securities (98 NNM securities and 2 test stocks), will begin on July 16, 2001. Full implementation will begin on July 30, 2001, and will include all NNM securities Will SuperSoes operate during the extended market session (after 4:00 p.m., Eastern Time [ET])? No. SuperSoes will operate during normal market hours (9:30 a.m. to 4:00 p.m., ET). For firms that choose to participate in extended hours, SelectNet liability orders may be sent to access open quotes. How can I find out more information about SuperSoes? As a result of feedback from firms, Nasdaq will continue to host a marketwide open conference call every Wednesday to provide information and answer questions on industry hot topics, such as SuperSoes. If you are interested in participating in the weekly calls, please see the call details listed below. To ensure that you are not held up in the conference call queue as a result of the high call volume, we ask that you call in at least five to 10 minutes early. Time: 4:30 p.m., ET, on Wednesdays Call-In Number: (888) 560-9856 Leader’s Name: Dean Furbush Password: Marketwide In addition to the weekly calls, Nasdaq conducts a communications campaign to share information. Nasdaq account managers are visiting their assigned firms, and our training staff has conducted regional training. Also, we are communicating with firms and gathering feedback via various websites, webcasts, Head Trader Alerts and pop-up windows via the main Nasdaq Workstation II® (NWIITM) presentation device (PD). We are trying to reach our customers in every way within in our means. If there are major problems with SuperSoes, is Nasdaq planning to shut-off SuperSoes and go return to the old platform? Currently, all systems seem prepared and the launch date is firm. However, Nasdaq will not implement SuperSoes if we are not confident of our system readiness. We are retaining the legacy system (in the event a major problem occurs after implementation), so it will be possible to revert to the old platform. Electronic Communications Networks (ECNs) and Unlisted Trading Privileges Exchanges (UTPs) Issues Are ECNs and UTPs accepting SuperSoes orders? Currently, no ECN has indicated that it will be a SuperSoes full participant willing to accept automatic executions against its quote. As such, when SuperSoes is implemented, ECNs should be accessed as they are today, by sending a preferenced SelectNet order to the ECN. Currently, the Chicago Stock Exchange is the only UTP participant planning to be an auto-execution recipient in SuperSoes. Can an ECN that elects not to participate in SuperSoes send automatic execution (auto-ex) orders to other market participants? Yes. ECNs that elect to participate as order entry ECNs in SuperSoes may send SuperSoes orders to other SuperSoes Market Makers (MMs). In order to reduce potential for dual liability, SuperSoes will operate as a single point of execution. If an ECN elects to become a ‘full participant’ in SuperSoes, will this impact their access fees? No. SuperSoes has no effect on ECN access fees. What happens when an ECN or a UTP participant is alone at the inside? Will a SuperSoes order trade through the ECN quote? No. Transactions will only occur at the inside quote. SuperSoes, as an auto-ex system, will not continue to execute when a superior price is at the inside, even if it can only be accessed by SelectNet. ECNs have indicated that they will respond quickly if sent orders. With regard to UTP exchanges, the Chicago Stock Exchange will fully participate in automatic execution. The Cincinnati Stock Exchange and other UTPs that are not participating in automatic executions should be accessed in the manner by which they are accessed today. How will Nasdaq handle the issue when an ECN is alone at the inside and has technical problems that prevent the ECN from executing orders? Nasdaq is currently reviewing the issue with market participants about how to deal with ECN quotes during such instances. Is the 100 shares over the displayed size requirement in SelectNet just for MMs, or both MMs and ECNs? The requirement applies to any participant who is an auto-ex participant. If an ECN does not accept SuperSoes orders (none plan to initially), you are permitted to send a liability SelectNet order at their price and size as you do today. Will an ECN attempting to hit a MM’s quote do so via SelectNet or SuperSoes? SuperSoes. If an ECN is alone at the inside, how would I get to another MM at a price away from the inside if I do not access the ECN’s quote? In order to reach a market participant at another price when an ECN is alone at the inside, you may send an oversized, non-liability order via SelectNet to the other participant. However, you may enter a preferenced liability SelectNet order to access the ECN quote at the inside. Miscellaneous With SelectNet as a non-liability system in the SuperSoes environment, how does this affect the Trade-or-Move (TOM) rule? No, the new SuperSoes environment will not affect the TOM rule. Nasdaq’s TOM is not altered by the implementation of SuperSoes. Is there a document that describes the message format changes and processing changes required for SuperSoes? Yes, this document is Nasdaq’s Application Programming Interface (API) specifications document. You may request a copy by sending an e-mail to leonid.galler@nasdaq.com. SuperSoes rules require that a firm that chooses to use the reserve size feature must display a minimum of 1,000 shares. Does that mean that I can change display size to 100 shares provided it was initially 1,000 shares? No. Firms must display 1,000 shares when using reserve size. This 1,000 share amount may only be reduced by SuperSoes executions against that quote. If at any time a MM chooses to update its displayed size or price, display must be minimum of 1,000 shares in order to continue to use the reserve size feature. If a market participant’s trading activity approaches 1% of the volume in a particular security, will the firm be forced to become a MM in that security? No. The 1% rule only applies to exchange-listed securities. It does not apply to Nasdaq securities. Is SuperSoes going to implemented as a phase-in or as a "big bang" of all securities at once? The implementation schedule will follow a phase-in approach with two pilot periods, followed by full implementation. The first pilot period, which will include 20 securities (18 [NNM] securities and 2 test stocks), will begin on July 9, 2001. The second pilot period, which will include an additional 80 securities for a total of 100 securities (98 NNM securities and 2 test stocks) securities (including test stocks), will begin on July 16, 2001. Full implementation will begin on July 30, 2001, and will include all NNM securities. Will Nasdaq have Aces Pass-ThruSM on the test system during Saturday user tests so market participants can test and make sure Manning does go off and that these trades go off properly? Yes. Aces Pass-Thru will be on the test system during Saturday user tests. Your firm might want to check with the firms to which you route orders to make sure they are participating in testing on the same day. Does SuperSoes prevent firms from entering locked and crossed quotes? There is nothing in SuperSoes that prevents you from entering locked and crossed quotes. However, prior to entering those quotes, you should be able to send a SuperSoes or SelectNet order to the participant you are going to lock or cross to take them out of the way. Once SuperSoes is phased-in, will the toolbar on NWII be changed to read SuperSoes instead of SOES? The toolbars will still read SOES, but if you enter an order for a National Market security it will execute using SuperSoes rules. Odd-Lots How are odd-lot orders executed in SuperSoes? SuperSoes will track odd-lot executions in a separate "bucket". When the amount in the odd-lot bucket equals or exceeds a round lot, the quoted displayed size will be decremented by a round lot. Pricing How is the fee structure arranged for SuperSoes and SelectNet? Fees are charged to the order-entry side per order, not per individual executions within an order. Click here for pricing information. Will SuperSoes and SelectNet have cancellation fees? Yes, the fee is $ .25 per cancellation. Does Nasdaq validate prices in SuperSoes? When a SuperSoes order is submitted, Nasdaq checks the inside price (the inside bid in the case of a sell order, and the inside ask in the case of a buy order) to determine if the security is trading at $5 or greater, or less than $5. If the security is $5 or greater, SuperSoes will reject orders that are priced more than 25% away (in either direction) from the inside price. If the security is less than $5, SuperSoes will reject orders that are priced more than 20% away (in either direction) from the inside price. For Example: ABCD has an inside of $4.98 - $5.02. All buy orders priced above $6.2750 (inside ask * 1.25) or below $3.765 (inside ask * .75) would be rejected. Because the inside ask is $5 or greater, the order cannot be priced more than 25% away. All sell orders priced below $3.984 (inside bid * .8) or above $5.976 (inside bid * 1.2) would be rejected. Because the inside bid is less than $5, the order cannot be priced more than 20% away. If a firm submits one order to SuperSoes and that one order gets partially filled by several MMs – does the firm get charged for the original order it submitted to SuperSoes or per partial fill? Nasdaq will charge firms based on the number of executed orders. If you put an order for 1000 and only get 500 filled [even if filled by several MMs] you will get charged for the executed 500 share order. Pricing is based on executions not on partials. Quotes/Orders What are the restrictions placed on canceling orders once they have been entered into SuperSoes? Can orders be canceled immediately after they are entered? Yes. As is the case with today’s Small Order Execution SystemSM (SOESSM) system, there are no restrictions on cancellations, and market participants may attempt to cancel at any time after order entry. Please note, however, that because of automatic execution, it is possible that some orders may be executed prior to a cancellation attempt. In such cases, market participants are responsible for their orders. Is my bid quote re-ranked when I update my offer price? Yes, there is a single timer for both the bid and the offer. Nasdaq hopes to have a technological solution to separate the bid and offer timer with the advent of SuperMontageSM. How long will an order stay open before Nasdaq returns it to the order entry participant? Today the time-out parameter is 180 seconds at market pre-open through the first three minutes after the market open (from 8:00:00 a.m. until 9:33:00 a.m., ET) and 90 seconds during the rest of the trading day [from 9:05:00 a.m., ET, until market close]). It will be the same in SuperSoes. Are smaller orders in queue behind large orders? No. SuperSoes operates under strict price-time priority. When two marketable orders arrive into the system, the first order to arrive will be executed first, regardless of order size. Can a MM view pre-open orders? No. Like today, orders entered pre-open are kept inside Nasdaq. Must preferenced SelectNet orders be sent in amounts 100 shares greater than displayed size? What happens if an order was sent with less than the MM’s displayed size? Yes. All SelectNet orders preferenced to MMs must be non-liability orders. These orders must be at least 100 shares greater than the displayed size and designated as All-or-None (AON) or must have a minimum acceptable quantity (MAQ) of 100 shares greater than the displayed quote. Orders that are not sent with the appropriate size requirement (e.g., 100 shares over MAQ) will be automatically rejected by the system. However, if an oversized order is entered and is lacking a qualifier of AON or MAQ, Nasdaq will append the MAQ and accept the order. Market participants may send an order to an ECN as they do today. Can I still send broadcast orders on SelectNet? Do they have to be oversized? Yes. Broadcast orders can still be sent via SelectNet and do not have to be oversized. If the inside offer for a stock is 25.97 and a firm enters an order to buy at 26.00, what price will they get on that order? SuperSoes will automatically execute at the inside market. Therefore, the above order would begin being filled at 25.97. The order will not be filled at a price greater than 26.00. Reserve How do I set Reserve Size and Refresh Increment? Intra-day reserve must be set either in the Quote Update window or the Quick Entry panel of the Dynamic Quote window: To submit reserve updates via the Quote Update window, select MarketMaking, then Update from the main NWII menu. Reserve updates may be entered in the Bid and Ask exposure fields. To submit the update, click Send. Please note, reserve updates must be submitted in actual numbers of shares, not round lots. To submit reserve updates via the Quick Entry panel on the Dynamic Quote window, click the QTE radio button. Reserve size updates may be entered by typing BE (Bid Reserve) or AE (Ask Reserve) followed by the reserve value. For example: To update Ask Reserve to 10,000 shares, enter AE 10,000 and click Send to submit the quote update. Please note, reserve updates must be submitted in actual number of shares, not round lots. To set a Refresh Increment: Choose Utilities Add’l Trade Svcs 2 Soes 7 Posn Type in the Security ID Press Enter Tab over to the RFSH-INCR field Replace the dash (-) with the update symbol by clicking Ctrl + U. Type in the number of shares you want as the Refresh setting (10 = 1,000; 20 = 2,000; 100 = 10,000) Click Enter. When displayed size is reduced to zero and reserve size remains, the Refresh Increment will determine the update to displayed size. How are displayed and reserve size accessed for SuperSoes executions? When a SuperSoes order is received, the system will automatically attempt to execute against all displayed size (in time priority) at the best price level. If all displayed size has been exhausted and the order has not been filled, SuperSoes will then attempt to execute against reserve size at that same price level. How can I view/query my reserve size? Reserve size may currently be viewed in two places on NWII: To view updated reserve size, select Utilities, Add’l Trade Svcs from the main NWII window. Select 2SOES from the Add’l Trade Svcs menu and then select 7 from the SOES menu. Enter the security symbol and click Enter to view reserve for that security. Reserve size is also displayed on each SOES MM Execution (SMME) message. The size displayed on the message is a snapshot of the reserve remaining following the execution. However, it does not include any quote updates to reserve that may have been in flight at the time execution. What is XSIZ? XSIZ is the default size used in two instances: When a price update is submitted without specifying display size. When a firm is using Nasdaq’s Auto Quote Refresh (AQR) feature and display and reserve sizes have been exhausted. In this instance, the firm will be moved to another price level based on the AQR increment selected and display size will be updated to the XSIZ value. How do I update and view XSIZ? Access Utilities: Choose SOES O/E; Type XSIZ SECID where SECID is the security symbol of the stock to be changed; Click Enter. The window will display the current default size setting. To change the value of the size: Click the Tab key to move the cursor to the dash in SIZE- field; Click the Ctrl key and the U simultaneously; Click Enter. Please note that size default values are represented in three-digit round lots; for example, an entry of 001 equals 100 shares; 002 equals 200 shares; 010 equals 1,000 shares; and 100 equals 10,000 shares. What is the difference between XSIZ and Refresh Increment? Refresh Increment is the value that is used when a firm’s display has been reduced to zero but they have reserve size remaining. When this occurs, display size will be refreshed from the reserve size based on the Refresh Increment value (may not be less than 1,000 shares). XSIZ value is used when there is no display or reserve size remaining. If a participant is using the AQR feature, the firm will be moved to another price level based on the AQR increment selected and display will be updated to the XSIZ value. Will Nasdaq be setting all Reserve Size values to zero prior to SuperSoes implementation? Is that a one-time occurrence or will Nasdaq re-set my reserve daily? Yes, during the weekend prior to SuperSoes implementation, Nasdaq will set all start-of-day reserve and reserve values to zero. This is a one-time occurrence. Will market participants be able to see my actual reserve? No. Other firms cannot see your reserve size. Do I enter reserve size the same way I enter display size—in round lots? No. Reserve size must be entered as the actual size, not in round lots. If a market participant enters 10 as a reserve size, that means 10 actual shares (not 1000). Can a firm’s reserve size be decremented to zero? Yes. Displayed size is refreshed to the nearest round lot until the reserve size is decremented to zero. At this time, if the firm is using AQR, the AQR feature will move the quote away from the inside by the AQR amount and refresh the display size to the pre-selected XSIZ value.If the firm is not using AQR, their quote will be suspended for 20 business days if it is not updated within the five-minute grace period. When I update my reserve, entering reserve size and price, my displayed size automatically changes to 1,000, even if I am above or below 1,000 in display. Why? When placing a quote update to change reserve, you should enter only the new value for reserve in the quote update box. If you include a price, even if it is the same price, Nasdaq views it as a new quote and will automatically set your display to the default value you have selected via the XSIZ call. Nasdaq requires that MMs display 1,000 shares when using the reserve size feature. However, when a firm’s displayed size begins to decrement due to SuperSoes executions, the firm does not have to refresh to 1,000 shares until displayed size has been exhausted. If my firm receives executions internally, can we decrement our displayed size, keep our reserve and not refresh to 1,000 shares until we have decremented to zero? No. Firms cannot decrement their displayed sized based on an internal execution if they are using Nasdaq’s reserve size feature. However, Nasdaq suggests that firms decrement their reserve interest (not displayed interest) based on an internal execution. This will allow the firm to avoid dual liability and allows us to maintain the quality of the market. Is my reserve size available for query through the application programming interface (API) and NWII? Reserve size is available for query on NWII, but not through the API. When I change my price levels, does my reserve follow the price? Yes. When you update your price, if you have reserve remaining, the reserve size follows the movement of the price. Short Sales SuperSoes will not execute orders marked as short sales on a down-bid. Orders marked as short sale exempt will be executed when the bid moves down. If in connection with bona fide market making, a Nasdaq Primary Market Maker (PMM) enters a proprietary order that is short and at the time of order entry there is an up bid so the MM is not relying on an exemption to the rule, but the market turns to a down bid, an order otherwise properly marked as short will be rejected back to the firm if at the time of execution the market has turned to a down bid. Can a market participant mark orders as short sale exempt even if at the time of entry the market participant qualifies for an exemption to Rule 3350 but is not technically relying on the exemption to the rule because there is an up bid? A. When using SuperSoes only, a market participant may mark a short sale as "short sale exempt" if the market participant’s order otherwise qualifies for an exemption to Rule 3350 but the market participant is not technically relying on such exemption. This may occur because at the time of order entry there is an up bid or the order as priced qualifies a legal short sale (as defined in National Association of Securities Dealers, Inc. (NASD®) Rule 3350). Accordingly, a MM that qualifies as a PMM and is engaging in bona fide market making may mark an order as short sale exempt even if at the time of entry there is an up bid. In addition, if a market participant is relying on one of the other recognized exemptions to NASD Rule 3350, the market participant may also mark the order as short sale exempt even if there is an up bid at the time of entry. This interpretation only applies to orders entered into SuperSoes. Short sales executed through other systems must be properly marked as short sales or short sale exempt, consistent with previous guidance set forth in NASD Notice to Members 94-68, 94-83, 97-15, as well as Head Trader Alerts #1997-32 and #1997-34. When an order to sell is entered into the system, a portion of the order may be short and another portion may be long or exempt from the NASD’s short sale rule. For example, an order entry firm has a net long position of 500 shares, and wishes to sell 600 shares, which would result in a net short position of 100 shares. How should this order be processed? SuperSoes will not execute a short sale on a down bid unless the order is marked short sale exempt. Non-exempt orders that reach the front of the queue on a down bid will be rejected back to the entering firm. MMs should mark as short sale exempt all short sales that they enter in the course of engaging in bona fide market making. SuperSoes will execute such orders on a down bid. If an order is sent to SuperSoes on an up-bid and then the tick changes to down prior to the receipt of that execution, will the order be canceled or held until the tick changes to up? SuperSoes will reject a Short Sale order if the bid is on a down tick at the time of the execution. SuperSoes does allow for short sale exempt orders and will allow those orders to execute on a down tick. Testing Is it possible to conduct the Saturday tests on a weekday schedule? Yes. Saturday market hours mimic weekday market hours with a pre-market session from 9:00 9:30, ET, Trade-or-Move from 9:20-9:30 a.m., ET, and market open at 9:30 ET. Saturday testing hours generally end with a market close on or about 12:30 p.m., ET. When is the opening spin for Saturday tests? Nasdaq will conduct the opening spin between 8:30 a.m., ET, and 9:00 a.m., ET once we have established connectivity with all testing circuit lines. Will the data for the Saturday test come from the close of the prior trading day? Yes. Data for the Saturday test environment will be transmitted from a feed of data on the prior trading day. What will be the trade date and system date for all Saturday tests? The trade date for all Saturday tests will be the Monday following the test. The system date will be the date of the Saturday test. Nasdaq cannot change this. Will Nasdaq set up test stocks for SuperSoes prior to implementation? Yes. Test stocks are available as of June 11, 2001. They are: TESTA, TESTB, TESTC, TESTE, and TESTV. Is the Customer Subscriber Test (CST) system also known as the Dialup NetBlazer connection to the test network? Yes, the CST system is accessed through a NetBlazer connection. Is there a charge for testing SuperSoes via the NetBlazer? There is no charge for SuperSoes testing. Is there an Order Audit Trail System (OATSSM) environment on the CST? CST does not contain an OATs environment. Will SelectNet be available for the Saturday tests? Yes. Because of the changes to SelectNet in the SuperSoes environment, it will also be available to test during the Saturday tests. Will there be scripts for the Saturday tests? There are scripts available for use during the Saturday if there are enough interested firms to participate. You can view the scripts on the SuperSoes Hot Topics page of this website. Are firms mandated to test? Nasdaq cannot mandate testing, therefore, no member firm is mandated to test. Time Intervals What is the interval delay for NNM stocks when using SuperSoes? When using SuperSoes, the interval delay for NNM stocks is the system processing time of .8 seconds, effectively zero. Will the 10-second order cancellation rule still apply when using SelectNet to preference either MMs or ECNs? The 10-second order cancellation rule will continue to apply to SelectNet orders. The 10-second order cancellation policy does not apply to SuperSoes. © Copyright 1997 - 2001, The Nasdaq Stock Market, Inc. All rights reserved. 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