Roughly speaking, I believe the NASD is actually a bit tougher on traders about SOES. I dont recall codes or case law offhand, but the NASDAQ distributes a monthly/quarterly newsletter that discusses issues with NASD regulation. Several times I have seen the discussion about SOES traders, quantity of trades, violative...I havent seen or need to see if in over 6 months or so, i think the last time we had a discussion about SOES tregulations, etc. , on the Trading Desk . I'll look through the fliers tommorrow and see if I can find something. I think it came more from case law, fines levied to firms and investors for doing X number of trades in the same stock, same day.
" Not if it's your own money and not unless you are using SOES to "accumulate a position." , my point exactly is that I think caselaw goes beyond your statement. remember we're talking soes, not isld, ecns, snet, routing to third market makers, etc. pure soes.
I'll see if i can find it tommorrow or i'll call the nasd.
-Steve@yamner.com |
