Supermontage

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]

^ "Introduction to SuperMontage used by NASDAQ".
^ "List of SuperMontage^SM 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.

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[1] "Introduction to SuperMontage used by NASDAQ".

[2] "List of SuperMontage^SM Test Securities" (PDF). NASDAQ Trader. 2002-11-15. Retrieved July 15, 2008.

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