NASDAQ’S SUPERMONTAGE FINALLY CLEARED TO OPERATE. Eileen Colkin of InformationWeek says:
There’s nothing like spending $100 million on an IT initiative designed to revolutionize your business only to see it held up for months by politics and bureaucracy. But Wednesday, the Nasdaq Stock Market finally secured approval from the Securities and Exchange Commission ( news – web sites) to officially launch its electronic trading platform, SuperMontage, as early as Sept. 17 and no later than Oct. 11.
The platform will let investors see five price levels of stocks, rather than the currently accessible best price. Beyond giving traders more information on which to base transaction decisions, Nasdaq hopes the move will make transactions faster and more efficient by consolidating trades through a single architecture.