SOESSmall Order Execution System. A system made mandatory (for NMS securities) after the 1987 crash to provide automatic order execution for individual traders' small orders (less or equal to 1000, 500, or 200 shares depending on the stock). Market makers must accept SOES orders and they can set their workstations to automatically update quotes after an SOES execution. ECNs are not SOES-able. Here is SOES user guide. Also see SelectNet.
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