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To: John Hunt who wrote (4483)	6/20/1998 11:15:00 PM
From: Peter H. Hodge	Read Replies (1) \| Respond to of 12617

<<In other words, they don't have to honor the quantity they show.>> My understanding is that the size is the soes tier size to which they must honor. They can buy, or sell, in excess of that amount, but they must honor that size to a maximum of 1000 shares. Anything showing in excess of the SOES tier size for that particular stock of either 200, 500 or 1000 shares for the mm on the best ask doesn't really mean anything. This does not apply to the ECN's which generally are showing the size they want to buy or sell. However, the ECN's are not required to honor the amount showing and may cancel at any time. Hope this helps somewhat.