Multiple Price Levels For SuperMontage.(Nasdaq's order display facility)(Brief Article)

Traders, January, 2002 by Bresiger, Gregory

Nasdaq's SuperMontage, which is slated to begin operations next summer, will have a five level pricing structure for its Quotation Dissemination Service Prime and ADAP fees, Nasdaq officials said.

"In meeting with people we found a lot of enthusiasm for a five-level system," Adena Friedman, senior vice president for data products at Nasdaq, told Traders Magazine.

"We found that offering more than three levels was widely supported by both the buyside and sellside," she added. "They believe that it would show more depth of market and five levels takes them a little further down so they understand where the liquidity for a stock is."

Friedman said the exact amount of the fees has yet to be determined. The Nasdaq board of directors, she said,...

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