Business and Personal Finance Dictionary

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• SOES
  
  Small Order Execution System. NASDAQ’s computerized way for a customer to enter a small order to buy or sell shares of a NASDAQ stock. Under old NASDAQ "order handling rules", market makers had to fill orders for up to 1000 shares. The new (as of 1/24/97) rules – which tend to protect market makers from so-called "SOES Bandits" (q.v.) – reduce this size to only 100 shares. A trader can use SOES for a given stock once every five minutes. Source: Cory Johnson, "Easy Money: Is the NASD's SOES Attack a Ticking Time Bomb?" TheStreet.com (3/3/97).
  
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