Supermontage Explained

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.

Further reading

• Book: Patterson, Scott . Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System . 2012 . Chapter 16: Crazy Numbers . Crown Publishing . 978-0307887177.

Notes and References

1. Web site: Introduction to SuperMontage used by NASDAQ.
2. Web site: 2002-11-15. List of SuperMontage^SM Test Securities. NASDAQ Trader . July 15, 2008.