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To: Colin Cody who wrote (433)	1/10/1998 4:11:00 PM
From: Brendan W	Respond to of 5810

Colin, the 1000 share minimum on SOES trades has been abolished by regulation I believe some time early in 1997. There are two threads that follow issues like this "From the Trading Desk" in the Miscellaneous Short-term trading and "SOES Trading" I believe here in the brokerage section. Whether your broker charges you multiple commissions for each partial SOES fill I think is a matter of policy/negotiation. I'm assuming the Nasdaq charges nothing for a SOES order. By the way Reuters charges 1.5c a share for Instinet trades.

To: Colin Cody who wrote (433)	1/10/1998 7:55:00 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 5810

a minimum order may be 1000 shares.....but a market maker need only now guarantee 100 shares behind his price...not 1000. and of course....at an average bandit room rate of 27+ per trade...trading less than a 1000 shares for 16ths etc.... makes it a zero sum game.... yeah...to your other comment.... SOES trading right now is basically for fools.... but an 8$ trade on accutrade does not give you access to the level two screen.... there's a big difference. the bandit rooms are obviously very upset re: this change...but it is my understanding they haven't been very effective this time around in having their point of view heard.... lastly.... with so many marginal players (IMO) squeezed out of the market in the last months of the year.... anyone left trading at a mediocre level of understanding is subject to severe danger... this market I think will weed out everyone except the very fit going forward....and in that case..... short term traders will be competing among the very best when it comes to who will be blinking first from here on out.... kind of a mixed comment....but appropo for a mixed market.... Joel