Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Eric P who wrote (3879)	12/1/1998 9:12:00 AM
From: steve goldman	Read Replies (2) \| Respond to of 4969

SOES Answers: Here is how I understand the SOES system (as explained to me by NASDAQ and through my experiences).... 1. lets say you have 4 mm's on the offer at 5 1/4...5 x 5 1/4 quoted. each mm is offering 1000 shares. the first soes order goes to the first mm in line. that mm remains first in cue, with all orders going to him, UPTO his displayed quote. 2. Once that mm is filled upto his displayed quote, regardless of whether he has setup his terminal for a 'no-deck', the next orders go to the other market makers. Thus the mm can hang on the offer, yet if he only was displaying, offering, 1k and gets hit for 1k, whether he immediately adjusts his size back to 1000, whether he sets his terminal for nodeck, auto refresh, or whether he stays unexposed and simply wants to take the 'reasonable' time he is given to view his options, the order goes to the next. If the mm has a display of 5000, then each order in succession will go to him until he fills his 5k or adjusts his quote. Thats my understanding. hope it helps. Steve@yamner.com