[15138]
September 9, 2002
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 24-02
SEC RULES COMMITTEE No. 74-02
RE: SEC ESTABLISHES NASDAQ SUPERMONTAGE START DATE
As we previously informed you,1 the SEC recently issued an order approving the
beginning of the operation of Nasdaq’s SuperMontage. In connection with that order, to
establish the SuperMontage start date, the SEC required ATSs to certify, under oath, that they
are actively preparing to use the NASD’s Alternative Display Facility as an alternative to
SuperMontage. If the Commission did not receive any such certifications by the close of
business on September 6, SuperMontage would have been able to begin operation immediately
thereafter. If the Commission did receive certifications by September 6, SuperMontage would
be authorized to be implemented on October 11, 2002.
The SEC has issued a release2 stating that they did receive certifications from one or
more market participants indicating their intent to use the ADF as their primary order collection
and display facility for a portion of their business in Nasdaq securities. Therefore, according to
the terms of the order discussed above, Nasdaq is authorized to begin operation of the
SuperMontage system on or after October 11, 2002, to allow further time for the market
participants to adapt and test their systems to participate through the ADF.
Ari Burstein
Associate Counsel
1 Memorandum to Equity Markets Advisory Committee No. 21-02 and SEC Rules Committee No. 70-02, dated
September 4, 2002.
2 Securities and Exchange Commission Press Release No. 2002-134 (September 6, 2002). The release can be found on
the SEC’s website at http://www.sec.gov/news/press/2002-134.htm