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Non-Tech : Vans Inc. BIG HUMONGOUS Earnings jump.
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To: OZ who wrote (34)2/25/1997 10:37:00 AM
From: Flan   of 403
 
After the 87 crash the regulators started a system called soes or small order execution system. During the correction people complained that small orders of under 1000 shares were not executed - which is very true. This new system that the developed stinks though - it creates alot of volatility becuase market makers who are slow to move up or down their bid/ask quotes can be hit for 1000 shares by what the industry calls SOES traders (bandits) - forgot to tell you 1000 share trades are executed immediately under this system. It creates volatility by making markets makers prematurely pull their bids in fear of being hit for 1000 shares. Yesterday Herzog had a working order to sell 100,000 shares - under new nasdaq rules they are forced to show this order - as a result the market makers began pulling theirs bids/ask in quick succession in fear of being hit. Hope that is a little help.
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