[13547]
May 29, 2001
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 15-01
RE: SUPERSOES AND PRIMEX AUCTION SYSTEM IMPLEMENTATION
Nasdaq has scheduled the first implementation of SuperSoes for Monday, July 9, 2001.
According to Nasdaq, the implementation schedule will follow a phase-in approach similar to
that used in implementing decimalization, with two pilot periods, followed by full
implementation. In particular, the first pilot period, which will include 20 securities, will begin
on July 9, 2001. The second pilot period, which will include an additional 80 securities, will
begin on July 16, 2001. Finally, full implementation will begin on July 30, 2001, and will include
all Nasdaq National Market securities. The list of pilot securities to be phased in has not yet
been determined and the implementation date of July 9, 2001 is dependent upon the successful
completion of SuperSoes testing.
Nasdaq also has scheduled the implementation of the Primex Auction System for
Monday, August 6, 2001. As you know, Primex is a voluntary trading system for stocks
through which brokers can expose orders to an "electronic crowd" of bidders
who will compete anonymously for the execution. The launch date for Primex was selected in
order that it would fall after the full implementation of SuperSoes.
Ari Burstein
Associate Counsel
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