Starting next week, all 3,500-plus Nasdaq National Market (NNM) securities will be automatically executed using SuperSoes, a revised version of the Small Order Execution SystemSM (SOESSM), Nasdaq’s current auto-execution system for small agency orders.
SuperSoes will become the primary order routing and automatic execution system for all NNM securities.
The first pilot in the conversion to the SuperSoes trading system was successfully completed earlier this month when Nasdaq implemented 18 pilot SuperSoes securities and two test stocks. A further 80 Nasdaq stocks were successfully launched a week later.
And, responding to requests from numerous member firms, Nasdaq recently phased-in five additional securities:
SuperSoes is an interim step to SuperMontageSM, Nasdaq’s new decimal-based trading system slated for implementation early next year.