The Nasdaq Stock Market has today implemented the first phase of its new automated order execution system, SuperSoes. Eighteen securities and two test stocks will initially be included.
SuperSoes is a revised version of the Small Order Execution System (SOES), Nasdaq's current auto-execution system for small agency orders. SuperSoes will become the primary order routing and automatic execution system for all Nasdaq National Market (NNM) securities.
At the same time, these enhancements will re-establish SelectNet as a non-liability system for purposes of order delivery and negotiation. Currently, SelectNet enables securities firms to route orders, negotiate terms, and execute trades - eliminating the need for verbal contact between trading desks.
A second pilot of an additional 80 Nasdaq stocks and two test securities is scheduled to be carried out on July 16, 2001. Full implementation of SuperSoes for all Nasdaq National Market securities is planned for 30 July, 2001.
Dean Furbush, executive vice president of Nasdaq transaction services, says: "SuperSoes will provide faster executions in a more user-friendly environment, while continuing to promote equitable principles of trade."