IS SUPER MONTAGE AN ECN KILLER?
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NASD officials call SuperMontage a next-generation pricing montage that would aggregate all quotations and orders onto Nasdaq’s yet-to-be unveiled Nasdaq Workstation III display. Officially known as the Nasdaq order display window, SuperMontage would also enable, but not require, participants to display more of their customers’ limit orders on the Nasdaq screen. Specifically, the screen would show the top three levels of what would be known as the Nasdaq book.
And while NASD officials insist that
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