SuperSoes, a revised version of the Small Order Execution System (SOES), NASDAQ’s current system for small agency orders, will become the primary order routing and automatic execution system for all NASDAQ securities.
The system is designed to:
- accept orders of up to 999,999 shares at a time,
- reduce message traffic;
- allow market makers to use the automatic execution system on a proprietary basis for transactions; and
- enable system interaction with reserve size.
The pilot phase will include 18 securities and two test stocks. A second phase of 80 NASDAQ stocks and two test securities is scheduled for July 16, 2001. Full implementation of SuperSoes for all securities will come into effect on July 30.