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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
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
- ^ "Introduction to SuperMontage used by NASDAQ".
- ^ "List of SuperMontageSM Test Securities" (PDF). NASDAQ Trader. 2002-11-15. Retrieved July 15, 2008.
Further reading
- 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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