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Strategies & Market Trends : SOES Trading

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To: cp who wrote (1428)	4/20/1998 10:18:00 PM
From: Rubble	Read Replies (1) of 1618

Most daytraders use SOES only as a last resort. It is really not that big a factor anymore, since NASDAQ has made the SOES rules much more favorable for the MMs. Island, Instinet, and the other ECNs are now almost always making the inside quotes on active issues. SOES has become a misnomer that is applied to daytraders with lvl2. In actuality SOES isn't much of a factor...It can only target the inside quotes, and if the price starts moving there will be a dozen orders ahead of you, only one of which will be filled. SOES just forces an MM to honor their quote for one order when they're hit on the inside price. I don't understand why you find SOES so distasteful. I have a question for you, cp...does the MM screen show all unfilled SOES orders that are waiting in the queue to be filled? If so, please describe it.

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