DEFINITION of 'SuperMontage'

A fully integrated order display and execution system for the trading of Nasdaq-listed securities. Nasdaq's SuperMontage trading system facilitates better prices for investors while allowing brokers to better serve their customers by providing increased transparency.

BREAKING DOWN 'SuperMontage'

SuperMontage is Nasdaq's fully integrated order entry and execution system which replaced earlier systems including SOES and SuperSoes. SuperMontage allows firms to list multiple quotes and orders for each security, and permits market makers to input all or part of their buy and sell interest - with or without other traders knowing their identity. More than 5,000 transactions per second can be processed by SuperMontage. One of its most valuable features is that it shows five levels of interest rather than just the best current price. This can help investors and traders estimate more accurately an instrument's near-term price movements. Nasdaq's SuperMontage trading platform went live with a phased-in rollout in October 2002.