January 2003
ECNs and Nasdaq square up for round two
Electronic trading
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Simmons: Nasdaq's chairman and
chief executive is set to leave following
a row with the board
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Nasdaq's new electronic trading system,
SuperMontage, was widely expected to wipe out the ECNs
(electronic communication networks) that have succeeded in
winning so much of its trading volume. But the completion of
SuperMontage's roll-out on December 2 - after a six-week
piecemeal process of adding stocks to the system - left
market shares virtually unchanged by year-end.
Market-share statistics have been volatile but
according to research by Putnam Lovell, SuperMontage's share
of stocks then on its system actually fell over the week
ending November 11. SuperMontage's market share for the 985
stocks then trading was approximately 21%, well below its
January to August average of 28.5%. Instinet/Island's market
share by contrast was 29.3%.
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