Joel, SOES is limited to 100 shares now????
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I was visiting a new professional TRADERS room being set up in Jersey City just a few weeks ago and while we didn't get into such details in any depth, I believe I was told, no I'm sure I was told, that SOES were 1,000 shares. The question I presented was "What if a trader wants to buy 10,000 shares of an active stock?" The answer was he could buy 10 times, (and I think there was a "wait time" required between each of those 10 orders), OR alternatively this outfit had an INSTANET machine that he showed us how the head trader would execute the whole 10,000 shares at once with. The commission charged to the trader would be "10 times the normal 1,000 share commission" or about $270, I think it was.
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That said, was there a change to 100 shares in the past few weeks? If so, WHO would trade SOES any longer, other than small fry buying a large cap issue, like MSFT for instance? And secondly - WHY BOTHER anyway? <g> I mean for the small fry he could by 100 shares of MSFT or whatever for $8 a trade thru Acrutrade, right? What edge would SOES offer him? There's no money to be made tradeing/flipping round lots, and having to pay full commissions in and out!
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Colin |
