The Nasdaq Stock Market has implemented the final phase of its new automated order execution system, SuperSoes.
SuperSoes is a revised version of the Small Order Execution System, Nasdaq's auto-execution system for small agency orders. It will become the primary order routing and automatic execution system for all Nasdaq National Market (NNM) securities. The system is an interim step towards SuperMontage, Nasdaq's new decimal-based trading system scheduled for implementation in early 2002.
The first pilot of the SuperSoes trading system was successfully launched on Monday July 9 2001. Nasdaq implemented 18 pilot SuperSoes securities and two test stocks. The second pilot involved an additional 80 Nasdaq stocks was successfully launched on July 16 2001.
In response to numerous member firm requests, Nasdaq phased-in two additional NNM securities - Intel Corporation and Cisco Systems - on July 23 2001 and three additional securities - Dell Computer, Oracle Corporation and Sun Microsystems - on July 26 2001. Nasdaq will study the operation of SuperSoes in National Market securities before applying it to SmallCap issues.
In addition, SelectNet will be re-established as a non-liability system for 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.