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Strategies & Market Trends : SOES Trading
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To: Street Walker who wrote (1377)3/31/1998 12:25:00 AM
From: Darren   of 1618
 
The reason people trade in SOES vs. Island is that if you SOES a market maker, he is required by law to give you the shares at the price he has posted on the inside ASK. Backing away is watched by the SEC. The system was originally created for small investors to gain access to the market in times when brokers just decided to stop answering the phone, like for example Oct 1987.

For a detailed account of SOES history, you might try Block Trading's Web Site: blocktrading.com

In case you were wondering, fills on Island orders (often through Selectnet) are optional, depending on the Market Maker.
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