Jump to content

Supermontage

From Wikipedia, the free encyclopedia

SuperMontage, abbreviated simply as SM, is an integrated trading system used in American stock exchange Nasdaq that was implemented in 2002. It features 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]

Test stock symbols

[edit]

The SM system generally works behind the scenes, but on rare occasions it can be seen at work when a test symbol such as "ZVZZT" runs across the ticker.[2]

NASDAQ strongly encourages firms to utilize test securities for testing their production systems.

References

[edit]
  1. ^ "Introduction to SuperMontage used by NASDAQ".
  2. ^ "List of SuperMontageSM Test Securities" (PDF). NASDAQ Trader. 2002-11-15. Retrieved July 15, 2008.

Further reading

[edit]
  • 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.