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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: blankmind who wrote (37310)	3/3/1998 1:52:00 PM
From: FUZFO	Respond to of 61433

*OT* From Thestreet.Com ÿÿ"The Nasdaq Stock Market this morning told reporters about its plan to do away with the Small Order Execution System and SelectNet, replacing them with a new Nasdaq Order Delivery and Execution System that will create a Nasdaq Limit Order File displaying all orders and will allow dealers to show quotes at their actual size. ÿÿÿÿMarket makers currently have to show a minimum quotation size of 1,000 shares and must deliver orders up to that size. The day traders known as "SOES bandits" have used that requirement to swiftly buy and sell shares in 1,000-share blocks. Under the new system, orders of up to 1,000 still will be executed automatically, but only up to the actual displayed size of a market maker's quote. ÿÿÿÿ"By getting rid of SOES and SelectNet and adding this voluntary limit order system, it will give direct access to institutional investors," said Bill Broka, senior vice president of Nasdaq trading and market services. "This means that these investors won't have to go through brokers or dealers anymore." ÿÿÿÿThe complex proposal is just being filed with the Securities and Exchange Commission, and hearings and a comment period will follow. Nasdaq is having the first of a series of public meetings about the proposal at 5 p.m. EST today, at both the Marriott Financial Center and Marriott East Side hotels in New York. Staff reporter Eric Moskowitz contributed to this story. "