Editor’s Letter
DEPARTMENTS
From the time that SuperMontage was first conceived, there was wide speculation about the changes it would cause in the market. Almost instantly it was labeled an ECN killer.
But when SuperMontage launches this summer, it will enter a market that has already been undergoing rapid change. It’s a fragmented market that at last count still had nine ECNs. But most notably, it’s a market that--thanks to the narrowing spreads caused by decimalization--is making an overall shift toward an order-driven
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