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Nasdaq Under ECN Attack: SuperMontage becomes the battleground. Will ECNs become critics or casualt

Traders Magazine, February 2002

Gregory Bresiger

Nasdaq's SuperMontage is going to help market makers, critics say, but others say they are carping merely because they fear the competitive pressures that are likely to increase later this year. The controversial plan calls for the much-anticipated SuperMontage to begin operations this year. Its introduction raises many contentious issues in the trading world: Is it a way to provide better liquidity or a "flawed" proposal designed to help market makers take business away from the pesky electronic communication networks? And how will ECNs cope with a new structure that appears designed to take away some of the advantages they gained in the 1990s? Nasdaq's controversial SuperMontage continues to be debated across the trading industry.

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