23 August 2017
Visit http://response.ncr.com

SEC calls on Nasdaq rivals to put up or shut up as it approves SuperMontage

29 August 2002  |  4661 views  |  0 Nasdaq Workscreen

The Securities and Exchange Commission has approved Nasdaq's new SuperMontage trading system - but may delay the opening of the new facility until 11 October depending on feedback received from rival electronic communications networks (ECN).

To establish start of trading in the new system, the Commission has ordered ECNs to certify under oath that they are actively preparing to use the Alternative Display Facility (ADF) developed by the National Association of Securities Dealers (NASD) as an alternative to SuperMontage. ECNs, which have claimed they need more time to hook up the ADF, have been given five days to respond to the regulator. If no responses are received, SuperMontage will formally open for business on 6 September.

The proposal to establish SuperMontage was originally filed on 1 October, 1999 and was amended nine times to reflect the concerns of market participants. The system, which adds a limit order book that is electronically displayed and executed through automatic execution, was designed to enable Nasdaq to compete more effectively with ECNs and other market participants.

Rival networks, which match buyers and sellers of stock electronically, fought for the development of an alternative display facility, or ADF, as an alternative to SuperMontage.

The SEC's call for objectors to certify their intention to post the majority of their business over the ADF is intended to keep competitors from unnecessarily delaying the introduction of the new Nasdaq system.

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.

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 Japan ceases operations

Nasdaq Japan ceases operations

16 August 2002  |  8892 views  |  0 comments
Nasdaq slips on failed Japanese investment

Nasdaq slips on failed Japanese investment

08 August 2002  |  3246 views  |  0 comments
Nasdaq pilots XBRL financial data standard

Nasdaq pilots XBRL financial data standard

06 August 2002  |  6202 views  |  0 comments
SEC approves Nasd quote-display facility; delays SuperMontage launch

SEC approves Nasd quote-display facility; delays SuperMontage launch

26 July 2002  |  5029 views  |  0 comments
Nasdaq Liffe Markets moves to New York HQ

Nasdaq Liffe Markets moves to New York HQ

10 July 2002  |  6269 views  |  0 comments
SunGard to buy Brut ECN - WSJ

SunGard to buy Brut ECN - WSJ

09 July 2002  |  6483 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
20510 views comments | 43 tweets | 85 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
13387 views comments | 28 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11992 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11253 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11120 views comments | 10 tweets | 8 linkedin