New York brokerage firm UNX is to begin posting limit orders from its institutional trading platform directly over Nasdaq's electronic trading system SuperMontage.UNX is one of the first unregistered market makers to take advantage of new rules, introduced on 10 February , allowing all broker-dealer members of the National Association of Securities Dealers (NASD) to post liquidity directly on SuperMontage. Previously agency brokers had to route orders through electronic communications networks (ECNs) and market makers.
The new rule was introduced because Nasdaq was losing orders to unconnected markets from firms that were not able to post directly onto the SuperMontage system. The change provides all NASD-member broker dealers, including order entry firms, with equal access to SuperMontage for the first time.
UNX says its clients can post limit orders directly on SuperMontage as easily as they can post on any other connected destination, including ECNs and exchanges, without any additional training or product downloads.
In addition, users can place reserve limit orders and will soon be able to place pegged and discretionary orders.
Randy Abernethy, CEO of UNX, says: "The ability to display orders directly on SuperMontage complements our existing broad suite of liquidity pools."
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