While it's still early in the SuperMontage world, firms trading Nasdaq stocks say that things are running smoothly and many continue to rely on ECNs to help them get best execution. So it's basically business as usual. However, if there's a stumbling block it's that there are still locked markets ― not just within SuperMontage itself, but across the whole of Nasdaq, as the liquidity pie remains fragmented across different pools. Jay Suskind, director of trading at Ryan, Beck & Co., a regional broker/dealer in Livingston, N.J., says that while there might not be locked markets within SuperMontage, because some ECNs are not participating in it, there are still locked markets "many times" throughout the day.
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