17 October 2017
Register now

Inet to join SuperMontage

04 November 2003  |  5987 views  |  0 Nasdaq Tower

Inet - the super ECN created from the merger of Instinet and Island - is to participate in Nasdaq's SuperMontage system following last minute rule changes and concessions by the US exchange.

In a statement, Inet says it will begin displaying orders on SuperMontage in January following the consolidation of the Island and Instinet ECNs.

The decision follows months of manouevring by Nasdaq's new management team, led by CEO Bob Griefeld and EVP Chris Concannon, aimed at persuading Inet to drop its plans to freeze out SuperMontage and quote on the Cincinnati Stock Exchange. Last minute concessions by Nasdaq to cap fees and abolish execution priorities between ECNs and marketmakers eventually swung the decision in Nasdaq's favour.

Alex Goor, executive vice president, head of alternative trading systems, Instinet comments: "As a result of Nasdaq's recent proposed rule changes, we expect that participation in SuperMontage will benefit our subscribers."

Between them Inet and Nasdaq will account for approximately 42% of stock transactions on the hi-tech market. Without Inet's participation, Nasdaq's $100 million investment in SuperMontage would have stagnated.

Says Chris Concannon: "SuperMontage was designed to provide a highly transparent, highly liquid venue where multiple parties - and competing market models - can come together to yield the best outcome for investors."

Separately, Nasdaq announced that it intends to use Instinet SmartRouter technology to provide its members with access to enhanced routing services. Instinet SmartRouter integrates liquidity pools including all major ECNs through its order routing algorithm.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nasdaq hires Janet Lewis and Jeffrey Singer to drive sales

Nasdaq hires Janet Lewis and Jeffrey Singer to drive sales

29 October 2003  |  5990 views  |  0 comments
Radianz connects extranet to SuperMontage

Radianz connects extranet to SuperMontage

15 October 2003  |  3232 views  |  0 comments
SunGard slashes Brut ECN prices

SunGard slashes Brut ECN prices

12 August 2003  |  5328 views  |  0 comments
Nasdaq Deutschland to shut down

Nasdaq Deutschland to shut down

12 August 2003  |  5545 views  |  0 comments
Nasdaq reports record losses

Nasdaq reports record losses

06 August 2003  |  3311 views  |  0 comments
Nasdaq poaches Instinet sales team

Nasdaq poaches Instinet sales team

29 July 2003  |  4122 views  |  0 comments
Nasdaq brings in Aust and Blatney

Nasdaq brings in Aust and Blatney

08 July 2003  |  3996 views  |  0 comments
Nasdaq vice chair Weild latest casualty of management shake-up

Nasdaq vice chair Weild latest casualty of management shake-up

21 May 2003  |  3777 views  |  0 comments
Greifeld signals arrival at Nasdaq with top-level shake-up

Greifeld signals arrival at Nasdaq with top-level shake-up

13 May 2003  |  4620 views  |  0 comments
Nasdaq reports 90% earnings slump

Nasdaq reports 90% earnings slump

01 May 2003  |  3560 views  |  0 comments
UNX to direct liquidity to SuperMontage following NASD rule change

UNX to direct liquidity to SuperMontage following NASD rule change

26 February 2003  |  3881 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14484 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13088 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8976 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7940 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7623 views comments | 13 tweets | 13 linkedin

Featured job

Find your next job