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Strategies & Market Trends : SOES Trading

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To: Rubble who wrote (1429)	4/21/1998 7:23:00 PM
From: cp	Read Replies (1) of 1618

i agree with u. it used to be when a mm needed to hit a stock and there were 10 bids he would hopefully get some people to help him and call every mm on the bid. the problem was when the 1st guy moved his mkt the soes guys would beat him to at least half of the other bids. this was a pain because the customer would demand a print of at least 10,000 shares since there were 10 bids. this was frustrating to mm's. if i offered stock to mlco for example on select net he would try to give me a print but would get soesed before he could respond even though i was the first guy in. now u are correct in that mm's have defensive software that moves my mkt when i am hit or taken for the displayed amt in my quote. obviously i would turn it off if i have an order. also we can now hit or take bids on select-net simultaneously. nasdaq should have given everyone access to soes from the beginning that way the 1st guy would get the print. i do not have a problem with soes traders. the mm screen does not show unfilled soes orders. we have no way of knowing what is out there. we can see anonymous bids and offers on select net which seem to be mostly made up of day-traders. cp

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