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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (3872)11/29/1998 11:34:00 AM
From: Eric P  Read Replies (1) of 4969
 
Steve:

I am hoping you might be able to help me with a SOES question. Assume that we are watching stock WXYZ. There are four market makers at the inside ask: AAAA, BBBB, CCCC and DDDD. Note that AAAA has the oldest quote and is at the top of the ask. Market maker BBBB has the second oldest quote, followed by CCCC and DDDD. Also note that the SOES order queue is empty with no orders pending.

Question: Assume four 1000 share SOES orders now come into the market. Obviously, the first order will be executed against AAAA. To whom will the other orders be executed against?

1) Will the other SOES orders remain in the queue (for up to 17 seconds) until AAAA decides whether to repost at the current price and accept additional executions? OR

2) Will the other SOES orders be immediately routed one apiece to each of the three remaining market makers?

-Eric
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