Supermontage
SuperMontage, abbreviated simply as SM, was an integrated trading system that was used by American stock exchange Nasdaq and implemented in 2002. It featured a fully integrated public limit order book and market maker quotations, the ability to enter multiple quotes, anonymous ordering, five-level-deep buy and sell interest, and time-stamps on individual orders.[1] This system was retired when Nasdaq moved to a newer architecture[2] based on the acquired technology of the Island ECN in 2006.[3]
References
- ^ "Introduction to SuperMontage used by NASDAQ". financetrain.com. Retrieved 2025-12-18.
- ^ ""Nasdaq Singlebook".
- ^ "Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Operations of Its Recently-Approved "Single Book" Execution System". Federal Register. 2006-10-24. Retrieved 2025-12-18.
Further reading
- Patterson, Scott (2012). "Chapter 16: Crazy Numbers". Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System. Crown Publishing. ISBN 978-0307887177.