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Non-Tech : CyBerCorp.com
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To: Sir Francis Drake who wrote (556)4/23/2000 11:36:00 PM
From: Simon Thornington   of 1001
 
The impression I got was this: SOES orders would now encompass participating ECNs. The 5 minute rule is totally abolished. SOES max size is 9900. SNET can no longer be used to target MMs, it can only be used to post messages for lots 100 shares larger than displayed (else you must use SOES). SNET fill-or-move messages go out from 9:20 to 9:30 to reduce premarket locked and crossed markets. SOES MM refresh time drops to 7 seconds, from 15.

There also seem to be some changes in the way SOES market will follow the inside and hit reserves, in a way that makes SOES orders more fair to the MMs as far as hitting them all in time-order.

There may have been some other stuff, I have a terrible memory. Anyone else get same/different impressions from the webcast?

Cheers,

Simon.
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