Nasdaq has launched its $100 million electronic trading system SuperMontage in Europe, a week ahead of its scheduled go-live date in the US.
Designed to help the US exchange win back market share from competing electronic communications networks, the SuperMontage system operates as an electronic order book, displaying the full depth of the market.
In Europe, SuperMontage is being introduced as an enhancement to the European Trading System (ETS), a quote-driven market which was installed when the US exchange took over the ailing Easdaq market in June 2001.
Mike Sanderson, chief executive officer of Nasdaq Europe, says: "The introduction of SuperMontage Europe is a win for investors as they will benefit from the best price available on a deeper and more transparent market. It is also a win for traders who will be more confident that they are meeting their best execution responsibilities."
SuperMontage has been heavily trailed in the US, where it is slated to go live on 14 October, but its debut in Europe is unlikely to cause any ripples among rival exchanges. NasdaqEurope has suffered from poor liquidity since launch and market unease about its prospects has grown since the closure of the German growth exchange Neuer Markt two weeks ago.
The Depository Trust and Clearing Corporation is also understood to have put on ice its plans to implement a central counterparty clearing service EuroCCP for NasdaqEurope, partly due to thin volumes at the exchange.