Sen. Phil Gramm today praised the agreement reached on plans for a new Nasdaq trading system known as SuperMontage. The plans were approved today by the Securities and Exchange Commission.

"I am happy to be able to enthusiastically support the action taken today by the SEC," Gramm said. "For several months, I have found the SEC, Nasdaq and other market participants willing to work overtime to develop a proposal that places the interests of investors above all other concerns. Today, the hard work succeeded. This agreement will promote competition and make room for further innovations in our securities markets, all to the benefit of investors and the economy."