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  5. Nasdaq SuperMontage: Will ECNs Survive?

Nasdaq SuperMontage: Will ECNs Survive?

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2002/04/15

Abstract

Celent Communications predicts that SuperMontage will shake-up the competitive landscape of the U.S. equities market, accounting for close to 70 percent of the Nasdaq market share by 2005. Those ECNs not participating in SuperMontage will quickly see their market share evaporate.

In a new report, entitled Nasdaq SuperMontage: Will ECNs Survive?,Celent examines how SuperMontage will impact Nasdaq and, in particular, the future viability of ECNs.

Over the past few years, ECNs have become major sources of liquidity within Nasdaq, representing well over 30 percent of Nasdaq volume. The very success of ECNs may, however, lead to their ultimate downfall, as Nasdaq is about to launch its answer to ECNs in the form of SuperMontage, a fully integrated order display and execution trading platform.

According to Sang Lee, Analyst at Celent, "ECNs have come a long way since their inception in 1997. In a relatively short period of time, ECNs have carved up a significant level of market share within Nasdaq. However, the eventual launch of SuperMontage threatens to reshape Nasdaq. In this new world, the very existence of ECNs may be redundant."

Octavio Marenzi, Managing Director at Celent states, "ECNs represented a temporary solution to a fragmented marketplace. With the launch of SuperMontage, and the consequent centralization of Nasdaq liquidity under SuperMontage, we expect to see the beginning of the end of ECNs as we currently know them."

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