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99-46 Maximum SOES Order Sizes Set To Change July 1, 1999

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Executive Summary

Effective July 1, 1999, the maximum Small Order Execution SystemSM (SOESSM) order sizes for 336 Nasdaq National Market® (NNM) securities will be revised in accordance with National Association of Securities Dealers, Inc. (NASD®) Rule 4710(g).

For more information, please contact Nasdaq® Market Operations at (203) 378-0284.

Description

Under Rule 4710, the maximum SOES order size for an NNM security is 1,000, 500, or 200 shares, depending on the trading characteristics of the security. The Nasdaq Workstation II® (NWII) indicates the maximum SOES order size for each NNM security. The indicator "NM10," "NM5," or "NM2" displayed in NWII corresponds to a maximum SOES order size of 1,000, 500, or 200 shares, respectively.1

The criteria for establishing maximum SOES order sizes are as follows:

(1) a 1,000-share maximum order size shall apply to NNM securities on SOES with an average daily non-block volume of 3,000 shares or more a day, a bid price of less than or equal to $100, and three or more Market Makers;
(2) a 500-share maximum order size shall apply to NNM securities on SOES with an average daily nonblock volume of 1,000 shares or more a day, a bid price of less than or equal to $150, and two or more Market Makers; and
(3) a 200-share maximum order size shall apply to NNM securities with an average daily non-block volume of less than 1,000 shares a day, a bid price of less than or equal to $250, and two or more Market Makers.

In accordance with Rule 4710, Nasdaq periodically reviews the maximum SOES order size applicable to each NNM security to determine if the trading characteristics of the issue have changed so as to warrant an adjustment. Such a review was conducted using data as of March 31, 1999, pursuant to the aforementioned standards. The maximum SOES order-size changes called for by this review are being implemented with three exceptions.

  • First, issues were not permitted to move more than one size level. For example, if an issue was previously categorized in the 1,000-share level, it would not be permitted to move to the 200-share level, even if the formula calculated that such a move was warranted. The issue could move only one level to the 500-share level as a result of any single review.


  • Second, for securities priced below $1 where the reranking called for a reduction in the level, the maximum SOES order size was not reduced.


  • Third, for the top 50 Nasdaq securities based on market capitalization, the maximum SOES order sizes were not reduced, regardless of whether the reranking called for a reduction.

In addition, with respect to initial public offerings (IPOs), the SOES ordersize reranking procedures provide that a security must first be traded on Nasdaq for at least 45 days before it is eligible to be reclassified.

Thus, IPOs listed on Nasdaq within the 45 days prior to March 31, 1999, were not subject to SOES order-size reranking procedures.

Following is a listing of the 336 NNM issues that will have the maximum SOES order size changed on July 1, 1999.


Endnote

1Previously, Nasdaq Market Makers were required to maintain a minimum quotation size for an NNM security in an amount equal to the maximum SOES order size for that security. See generally, NASD Rule 4613(a)(1) - (2). On July 15, 1998, the Securities and Exchange Commission approved an amendment to NASD Rule 4613(a)(1)(C), which reduced the minimum quotation size for all Nasdaq securities to one normal trading unit when a Market Maker is not displaying a limit order, and which thus eliminated the requirement that Market Makers quote a size equal to the maximum SOES order size.

Maximum SOES Order Size Changes In NNM Securities
All Issues In Alphabetical Order By Security Name
(Effective July 1, 1999)
Symbol Security Name Old Level New Level
TCHC 21ST CENTURY HLDG 500 1000
A
ASBP A S B FINANCIAL CP 500 200
ABANP ABI CAP TRUST PFD 500 1000
ABOV ABOVENET COMMUNICTNS 200 500
AAABB ADMIRALTY BCP B 500 1000
DINEW ADVANTICA WTS 1000 500
AMRI ALBANY MOLECULAR RES 200 500
AORGB ALLEN ORGAN CO B 200 500
ALNC ALLIANCE FINL CP 200 500
ALLN ALLIN COMMUNICATIO 500 200
AIFC AMER INDEMNITY FIN 500 1000
ANFI AMERICAN NATL FINL 200 500
ASCA AMERISTAR CASINO 1000 500
AFSC ANCHOR FIN CORP 1000 500
ANDR ANDERSEN GROUP INC 200 500
ASIGF ANSALDO SIGNAL NV 1000 500
ARCAF ARCADIS NV 500 1000
ARIS ARI NETWORK 1000 500
ARMHY ARM HLDGS ADS 1000 500
ATYT ATI TECHNOLOGIES 200 500
ATLPP ATLANTIC PFD CAP CP 200 500
AIII AUTOLOGIC INFO INT 1000 500
AXHM AXIOHM TRANS SOL 500 200
B
BESI B E SEMICON ORD 200 500
BFEN B F ENTERPRISES IN 500 200
BNBCP B N B CAP TR PFD 200 500
BTBT B T SHIP SP ADR 500 200
BWINB BALDWIN LYONS CL B 500 1000
BPAO BALDWIN PIANO ORGA 1000 500
BMCCP BANDO MCGLOC PFD A 500 200
BNSC BANK OF SANTA CLAR 500 200
BKFR BANKFIRST CORP 500 1000
BBHF BARBERS HAIRSTYLIN 500 1000
BPFH BOSTON PVT FIN 500 1000
EPAY BOTTOMLINE TECH INC 200 500
BOYD BOYD BROS TRANS IN 500 1000
BRAD BRADLEES INC 200 500
BCST BROADCAST.COM 1000 500
BRCM BROADCOM CORP CL 500 1000
BVRS BVR SYSTEMS LTD 500 1000
C
CBBI C B BANCSHARES 500 1000
CERB CERBCO INC 500 200
FLYAF CHC HELICO CL A 200 500
CSPI CSP INC 500 1000
CFFI C&F FINANCIAL CP 200 500
CNEBF CALL-NET ENTRPR CL B 500 1000
CLZRW CANDELA CP WTS 200 500
CNTBY CANTAB PHARM ADR 200 500
CSWC CAPITAL SOUTHWEST 1000 500
CBCL CAPITOL BANCORP LT 1000 500
CBCLP CAPITOL TRUST I PF 500 1000
CPRK CAPROCK COMM 500 1000
CRRB CARROLLTON BANCORP 500 200
CECX CASTLE ENERGY CP 500 1000
CATT CATAPULT COMM CP 200 500
CLPA CELL PATHWAYS INC 500 1000
CCBN CENTRAL COAST BCP 500 1000
CFAC CENTRAL FIN ACCEPT 1000 500
CHNL CHANNELL COML CORP 1000 500
CHERB CHERRY CP CL B 500 200
CNRMF CINRAM INTL INC 200 500
CIVC CIVIC BANCORP 500 1000
CLKB CLARK/BARDES HLDGS 500 1000
CNBB CNB INC 200 500
CNYF CNY FINANCIAL CP 500 1000
CTBP COAST BANCORP 200 500
COHB COHOES BANCORP 200 500
CBAN COLONY BANKCORP 200 500
CBBO COLUMBIA BANCORP 500 1000
CNAF COMMERCIAL NATL FI 200 500
CFIC COMMUNITY FIN CP 1000 500
CMSV COMMUNITY SVGS 200 500
CNQR CONCUR TECHNOLOGIES 200 500
CNXT CONEXANT SYSTMS 200 500
CNRD CONRAD INDS INC 500 1000
CWCO CONS WATER CO INC 500 1000
CMETS CONTL MORTGAGE EQUIT 500 1000
COMMF CORECOMM LTD 500 1000
COCO CORINTHIAN COLLEGES 200 500
CSCQW CORRECTIONAL SVCS 500 200
CRTQ CORTECH INC 200 500
COVD COVAD COMMUN GROUP 200 500
CYOE COYOTE NETWORK SYS 500 1000
CMST CREATIVE MASTER INTL 200 500
CRNS CRONOS GROUP THE 1000 500
CNGR CROWN GROUP INC 500 1000
CTCI CT COMMUNICATIONS 200 500
CURT CURTIS INTL LTD 500 1000
D
DRAI DATA RESEARCH ASSO 500 1000
HYTDL DECS TRUST IV 200 500
DSGX DESCARTES SYS GRP 200 500
DCBK DESERT COMMUNITY B 200 500
DCPI DICK CLARK PROD IN 200 500
DTEK DISPLAY TECHS 500 1000
DOCD DOCDATA NV 1000 500
DHOM DOMINION HOMES INC 1000 500
DCLK DOUBLECLICK INC 1000 500
DRRAP DURA AUTO CAP TR 1000 500
DXPE DXP ENTERPRISE 200 500
E
ETEK E-TEK DYNAMICS INC 200 500
ELXS E L X S I CP 1000 500
EGLB EAGLE BANCGROUP IN 1000 500
EWBX EARTH WEB INC 500 1000
EWBC EAST WEST BANCORP 200 500
EBAY EBAY INC 200 500
DISHP ECHOSTAR CV PFD C 500 200
EDCO EDISON CONTROL CP 200 500
ELET ELLETT BROTHERS IN 1000 500
ENBRF ENBRIDGE INC 200 500
ENGEF ENGEL GNRL DEV 1000 500
ENTU ENTRUST TECHS INC 500 1000
EQSB EQUITABLE FED SAV 1000 500
EXAP EXCHANGE APPLICATNS 200 500
EXDS EXODUS COMMUN 1000 500
F
FCBF F C B FINANCIAL CP 500 1000
FLAG F L A G FINANCIAL 500 1000
FRPP F R P PROPERTIES I 200 500
FTMTF FANTOM TECHS INC 500 1000
FATB FATBRAIN.COM INC 200 500
FFLC FFLC BNCP INC 1000 500
FSBI FIDELITY BANCORP I 500 200
FFFLP FIDELITY CAP TR I 1000 500
FACT FIRST ALBANY COS 500 1000
FBNC FIRST BANCP TROY 200 500
FBSI FIRST BANCSHARES 200 500
FSTC FIRST CITIZENS COR 500 1000
FFES FIRST FED S L E 1000 500
FMSB FIRST MUTUAL SVGS 500 1000
FPFC FIRST PLACE FINL 200 500
FRGB FIRST REGIONAL BNC 200 500
FSLB FIRST STERLING BKS 500 1000
FUNC FIRST UNITED CORP 500 1000
FELE FRANKLIN ELEC INC 1000 500
FTBK FRONTIER FIN CORP 500 1000
FFHH FSF FINANCIAL CP 500 1000
FTNB FULTON BANCORP INC 1000 500
G
GBNK GASTON FED BANCP 1000 500
GFLSP GCB CAP TRUST PFD 500 200
GSLI GEN SCANNING INC 200 500
GENBB GENESEE CP B 1000 500
GZMO GENZYME MOLEC 500 1000
GCTY GEOCITIES 1000 500
GSCI GEOSCIENCE CP 500 1000
GABC GERMAN AMER BANCOR 500 1000
GSPT GLOBAL SPORTS INC 500 1000
GBIX GLOBIX CORP 500 1000
GNET GO2NET INC 1000 500
GUCO GRAND UNION CO 500 1000
H
HPSC H P S C INC 500 1000
HABC HABERSHAM BANCORP 200 500
HACHA HACH COMPANY CL A 1000 500
HABKP HAMILTON CAP TR I 200 500
HRBF HARBOR FED BNCP IN 500 1000
HARL HARLEYSVILLE SAV B 200 500
HLTH HEALTHEON CORP 200 500
HMLK HEMLOCK FED FIN CO 500 1000
HTBK HERITAGE COMMERCE 200 500
HRLYZ HERLEY INDS WTS 200 500
HIFN HI/FN INC 200 500
HBNK HIGHLAND FEDERAL B 200 500
HOEN HOENIG GP INC 500 1000
HOMEF HOME CTRS (DIY) LTD 1000 500
HLFC HOME LOAN FINL CP 1000 500
HPBC HOME PORT BNCP INC 1000 500
HFBC HOPFED BANCORP INC 500 1000
I
INDBP INDEP CAP TR I PFD 500 200
INHO INDEPENDENCE HLDG 200 500
IHIIZ INDUSTRIAL HLDG WT 500 1000
ISCX INDUSTRIAL SCI COR 500 1000
INCX INFOCURE CP 200 500
INSP INFOSPACE.COM INC 200 500
INKT INKTOMI CORP 500 1000
ILABY INSTRUMENTATION ADR 1000 500
INMG INSURANCE MGMT SOLUT 200 500
GEEK INTERNET AMERICA INC 200 500
INTT INTEST CORPORATION 1000 500
IBHVF INTL BRIQUETTES 500 200
IROQ IROQUOIS BNCP 500 1000
K
KNAP KNAPE AND VOGT MFG 500 1000
KOSS KOSS CP 500 1000
L
LXBK L S B BANCSHARES 500 1000
LABH LAB HOLDINGS INC 500 1000
LACO LAKES GAMING INC 200 500
LCCO LAMAR CAP CORP 200 500
LAND LANDAIR CORP 500 1000
LARK LANDMARK BSCHS INC 200 500
LWIN LEAP WIRELESS 500 1000
LGSA LGS GROUP CL A 200 500
LIBHA LIBERTY HOMES INC 200 500
LNCB LINCOLN BANCORP 200 500
LICB LONG ISLAND FIN 1000 500
M
MLCH M L C HOLDINGS INC 1000 500
MACC MACC PRIVATE EQU 500 200
MKFCF MACKENZIE FIN CP 200 500
FMARP MARINER CAP TR PFD 1000 500
MARN MARION CAP HLDGS 500 1000
MKTW MARKETWATCH.COM INC 200 500
MSDX MASON-DIXON BCSHS 500 1000
MATE MATEWAN BCSHS INC 500 1000
MAXE MAX ERMAS RESTR IN 500 1000
MAXC MAXCO INC 1000 500
MDCA MDC COMMUN CORP 500 1000
MEDE MEDE AMERICA CORP 200 500
MBFC MEGABANK FIN CORP 200 500
MIGI MERIDIAN INS GP IN 500 1000
MRET MERIT HOLDING CP 500 1000
MERK MERKERT AMERICA CORP 200 500
MCBI METROCORP BANCSHARES 200 500
METFP METROPOLITAN CAP 500 1000
METF METROPOLITAN FIN C 500 1000
MSIX MINING SVC INTL CP 1000 500
MMAN MINUTEMAN INTL INC 500 200
MMPT MODEM MED POPPE 200 500
MMTM MOMENTUM BUS APPLICA 200 500
MBBC MONTEREY BAY BANCO 1000 500
MORP MOORE PRODUCTS CO 1000 500
CRGO MOTOR CARGO INDS 1000 500
MOTR MOTOR CLUB OF AMER 500 1000
N
NARA NARA BANK N A 500 1000
NTBK NET.BANK INC 500 1000
NECS NETCOM AB ADR 1000 500
NETS NETWORK EVENT THEA 200 500
NBSC NEW BRUNSWICK SCI 500 1000
NHTB NEW HAMPSHIRE THRI 500 1000
NSCF NORTHSTAR COMPUTER 1000 500
TONS NOVAMERICAN STEEL 1000 500
NVDA NVIDIA CORP 200 500
O
ODFL OLD DOMINION FREIG 500 1000
OWOS OWOSSO CP 1000 500
P
PFCB P.F. CHANG'S CHINA 200 500
PCNTF PACIFIC INTERNET SE 200 500
ICED PACKAGED ICE INC 200 500
PCCIP PCC CAPITAL I PFD 500 200
PMFG PEERLESS MFG CO 1000 500
PEBK PEOPLES BANK 500 200
PEBO PEOPLES BNCP INC 500 1000
PBKBP PEOPLES CAP TR PFD 200 500
PERM PERMANENT BNCP INC 1000 500
PNTGF PETROMET RES LTD 500 1000
PHLYL PHIL CONS GR PRIDE 200 500
PING PINNACLE GLOBAL GRP 200 500
PHFCP PITT HOME CAP TR 500 200
PWCC POINT WEST CAP CP 500 1000
PLMD POLYMEDICA CORP 200 500
BPOPP POPULAR INC PFD A 200 500
PRBC PRESTIGE BNCP INC 500 200
PRENP PRICE ENTERPR PFD 500 1000
PSMT PRICESMART INC 500 1000
PRVT PRIVATE MEDIA GROUP 200 500
PFACP PRO-FAC COOP PFD A 500 1000
PRGY PRODIGY COMM CORP 200 500
PRSP PROSPERITY BNCSHS 500 1000
PAMC PROVIDENT AMER 500 1000
PBCP PROVIDENT BANCORP 200 500
CARD PUBLICARD INC 200 500
PLFC PULASKI FURNITURE 1000 500
Q
QLGC QLOGIC CP 500 1000
R
RNWK REALNETWORKS INC 1000 500
REBC REDWOOD EMPIRE BCP 500 1000
RIMM RESEARCH IN MOTION 200 500
RSBI RIDGEWOOD FINL INC 200 500
RNIC ROBINSON NUGENT IN 1000 500
RMII ROCKY MTN INTNET 500 1000
RUSMF RUSSELL METALS 200 500
S
SFED S F S BANCORP INC 1000 500
SGVB S G V BANCORP INC 200 500
SJNB S J N B FINANCIAL 500 1000
STVI S T V GROUP INC 1000 500
SCHR SCHERER HEALTHCARE 500 1000
SCOP SCOOT.COM ADR 500 1000
SCOT SCOTTISH ANNUITY&LIF 200 500
SCFS SEACOAST FIN SVC 200 500
SEWY SEAWAY FOOD TOWN I 500 1000
AIRB SELECT COMFORT CP 200 500
SENEA SENECA FOODS CP A 500 1000
SEPR SEPRACOR INC 1000 500
SRNA SERENA SOFTWARE INC 200 500
SATH SHOP AT HOME INC 500 1000
SFNCA SIMMONS FIRST NATL A 500 1000
SIXR SIX RIVERS NAT BK 1000 500
SKAN SKANEATELES BANCP 500 1000
SGAI SMITH-GARDNER & ASSOC 200 500
SNBJ SNB BANCSHARES INC 200 500
SECAY SOCIETE EUR ADS A 200 500
SFFS SOUND FED BANCORP 500 1000
SJFC SOUTH JERSEY FINL CP 200 500
OKSB SOUTHWEST BNCP INC 500 1000
CTLG SPECIALTY CATALOG 1000 500
SPZN SPEIZMAN INDS INC 500 1000
SNBCO SUN CAPITL TR II 500 1000
SIVBP SVB CAPITAL I PFD 1000 500
SVBF SVB FIN SVCS INC 200 500
SWMAY SWEDISH MATCH AB ADR 1000 500
T
TBFCP TELEBANC CAP TR 500 1000
TERN TERAYON COMMUN SYS 500 1000
TBNC THE BANC CORPORATION 200 500
TGLO THEGLOBE.COM INC 500 1000
TMCS TICKETMASTER ONLINE 200 500
TRKA TRAK AUTO CP 1000 500
TRNI TRANS INDS INC 1000 500
TREVW TREEV INC WTS 200 500
TRBO TURBOCHEF INC 200 500
TUTS TUT SYSTEMS INC 200 500
U
USLM US LIME & MINERAL 500 1000
USPH US PHYSICAL THERA 1000 500
UBID UBID INC 200 500
UCBH UCBH HOLDINGS INC 500 1000
ULTD ULTRADATA CP 1000 500
UBSH UNION BANKSHARES 500 1000
UNPH UNIPHASE CORP 1000 500
UFCS UNITED FIRE CASUAL 500 1000
UNEWY UNITED NEWS & MEDIA 200 500
UPCOY UNITED PAN-EUR ADS 200 500
UNTY UNITY BANCORP INC 500 1000
V
VDRY VACU DRY CO 500 1000
VAIL VAIL BANKS INC 200 500
VALN VALLEN CP 500 1000
VNGI VALLEY NATL GASES 500 1000
VENT VENTURIAN CP 1000 500
VRSN VERISIGN INC 1000 500
VERT VERTICALNET INC 200 500
VLOG VIALOG CORP 200 500
VCAP VIRGINIA CAP BANCSHS 200 500
VBNJ VISTA BANCORP INC 500 1000
VINF VISTA INFO SOL 500 1000
VISX VISX INC 1000 500
W
WVFC W V S FINANCIAL CP 500 1000
WAIN WAINWRIGHT BK TR C 1000 500
WBSTP WEBSTER PFD CAP B 500 200
WEBK WEST ESSEX BANCORP 500 1000
WOFC WESTERN OHIO FIN 500 1000
WGBC WILLOW GROVE BANCORP 200 500
WSBK WILSHIRE STATE BK 200 500
X
XMCM XOOM.COM INC 200 500
Y
YDNT YOUNG INNOVATIONS 1000 500
Z
ZVXI ZEVEX INTL INC 500 1000

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