SuperMontage, abbreviated simply as SM, is an integrated
trading system
Algorithmic trading is a method of executing orders using automated pre-programmed trading instructions accounting for variables such as time, price, and volume. This type of trading attempts to leverage the speed and computational resources of ...
used in American
stock exchange NASDAQ that was implemented in 2002. It features a fully integrated public limit
order book
An order book is the list of orders (manual or electronic) that a trading venue (in particular stock exchanges) uses to record the interest of buyers and sellers in a particular financial instrument. A matching engine uses the book to determin ...
and
market maker
A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the ''bid–ask spread'', or ''turn.'' The benefit to the firm is that i ...
quotations, the ability to enter multiple
quotes
Quote is a hypernym of quotation, as the repetition or copy of a prior statement or thought. Quotation marks are punctuation marks that indicate a quotation. Both ''quotation'' and ''quotation marks'' are sometimes abbreviated as "quote(s)".
...
, anonymous ordering, five-level-deep buy and sell interest, and
time-stamps on individual orders.
Test stock symbols
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.
NASDAQ strongly encourages firms to utilize test securities for testing their production systems.
References
Nasdaq
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