Supermontage

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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.

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References

  1. "Introduction to SuperMontage used by NASDAQ".
  2. "List of SuperMontageSM Test Securities" (PDF). NASDAQ Trader. 2002-11-15. Retrieved July 15, 2008.