View Whole SectionText only Print Print Manager Link
Previous Next

99-22 Maximum SOES Order Sizes Set To Change April 1, 1999

View PDF File

SUGGESTED ROUTING

Senior Management
Advertising
Continuing Education
Corporate Finance
Executive Representatives
Government Securities
Institutional
Insurance
Internal Audit
Legal & Compliance
Municipal
Mutual Fund
Operations
Options
Registered Representatives
Registration
Research
Syndicate
Systems
Trading
Training
Variable Contracts

Executive Summary

Effective April 1, 1999, the maximum Small Order Execution SystemSM (SOESSM) order sizes for 383 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 December 31, 1998, 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 amove 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 December 31, 1998, were not subject to SOES order-size reranking procedures.

Following is a listing of the 383 NNM issues that will have the maximum SOES order size changed on April 1, 1999.


Endnote

1 Previously, 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 April 1,1999)

Symbol Security Name Old Level New Level
SRCEP 1ST SOURCE CAPIP 500 200
TCHC 21ST CENTURY HLDG 200 500
TFSM 24/7 MEDIA INC 500 1000
A
ACLNF ACLN LIMITED 500 1000
ABGX ABGENIX INC 500 1000
ACTU ACTUATE SOFTWARE 500 1000
ADGO ADAMS GOLF INC 500 1000
AAABB ADMIRALTY BCP B 200 500
ALGX ALLEGIANCE TELECOM 500 1000
ALLN ALLIN COMMUNICATION 1000 500
AHAA ALPHA INDS INC 500 1000
AIRS AMERICAN AIRCARRIE 500 1000
AXTI AMERICAN XTAL TECH 500 1000
AMPI AMPLICON INC 1000 500
AFSC ANCHOR FIN CORP 500 1000
ANDR ANDERSEN GROUP INC 500 200
ANSR ANSWERTHINK CONS 500 1000
ASYCF ARCHITEL SYST CORP 500 1000
ARSCW ARIS CORP WTS 500 1000
ASYM ASYMETRIX LEARNING 500 1000
ATPC ATHEY PRODUCTS CP 1000 500
ADSC ATLANTIC DATA SVCS 500 1000
AIII AUTOLOGIC INFO INT 500 1000
AXHM AXIOHM TRANS SOL 200 500
AZTC AZTEC TECH PTNRS 500 1000
B
BESIF BE SEMICON ORD SHRS 200 500
BFEN BF ENTERPRISES IN 200 500
BHAG BHAGP HLDGS 500 1000
BNBCP BNBCAP TRPFD 500 200
BBAR BALANCE BAR CO 500 1000
BPAO BALDWIN PIANO ORGA 500 1000
BMCCP BANDO MCGLOC PFD A 200 500
BNSC BANK OF SANTA CLAR 200 500
BWFC BANK WEST FIN CORP 500 1000
BKFR BANKFIRST CORP 200 500
BAYB BAY BANCSHARES 1000 500
BCSB BCSB BANKCORP 500 1000
BEBE BEBE STORES INC 500 1000
BNHNA BENIHANA INC A 500 1000
BYND BEYOND.COM CORP 500 1000
BEERF BIG ROCK BREWERY LTD 200 500
BVEW BINDVIEW DEV CORP 500 1000
RINO BLUE RHINO CORP 500 1000
BOGN BOGEN COMMUN INT 500 1000
BOGNW BOGEN COMMUN WT 500 1000
BORAY BORAL LTD ADS 500 200
BPFH BOSTON PVT FIN 1000 500
BOYD BOYD BROS TRANS IN 1000 500
BNBC BROAD NATL BNCP 500 1000
BCST BROAD CAST. COM 500 1000
BRCM BROADCOM CORP CL A 1000 500
C
CBBI CB BANCSHARES 1000 500
CEMX CEMCP 1000 500
CERB CERBCO INC 1000 500
CFCI CFC INTL INC 500 1000
FLYAF CHC HELICO CL A 500 200
CNBF CNB FINANCIAL CP 1000 500
CRHCY CRH PLC ADR 500 1000
CSPI CSP INC 1000 500
CIBN CALIFORNIA IND BNC 200 500
CNEBF CALL-NET ENTRPR CL B 200 500
CNTL CANTEL INDS INC 1000 500
CCBG CAPITAL CITY BANK 1000 500
CSWC CAPITAL SOUTHWEST 500 1000
CPRK CAPROCK COMM 200 500
CANI CARREKER-ANTINORI 500 1000
CRRB CARROLLTON BANCORP 200 500
CASA CASA OLE' RESTRS I 1000 500
CECX CASTLE ENERGY CP 1000 500
CLPA CELL PATHWAYS INC 200 500
CFAC CENTRAL FIN ACCEPT 500 1000
CITZ CFS BANCORP INC 500 1000
CHERA CHERRY CP CL A 1000 500
CNBA CHESTER BANCORP IN 1000 500
CITC CITADEL COMMUN CP 500 1000
CHCOP CITY HLDG CAP TR 200 500
CIVC CIVIC BANCORP 1000 500
CLKB CLARK/BARDES HLDGS 200 500
CLRS CLARUS CORP 500 1000
CCHE CLINICHEM A 500 1000
CMGI CMG INC 1000 500
CNYF CNY FINANCIAL CP 200 500
CTBP COAST BANCORP 500 200
CTSH COGNIZANT TECH SOL 500 1000
CSON COHESION TECHS 500 1000
CLTX COLLATERAL THERAP 500 1000
COBZ COLORADO BUS BCSHS 500 1000
CBBO COLUMBIA BANCORP 200 500
CFKY COLUMBIA FIN KY 1000 500
CMTO COM21 INC 500 1000
CLBK COMMERCIAL BANKSHR 1000 500
CFIC COMMUNITY FIN CP 500 1000
CFBC COMMUNITY FIRST BN 1000 500
CDIR CONCEPTS DIRECT 500 1000
COOP COOPERATIVE BKSHS 500 1000
COMMF CORECOMM LTD 200 500
DLVRY CORTECS PLC ADS 500 1000
CULS COST-U-LESS INC 500 1000
CRRC COURIER CP 1000 500
CYOE COYOTE NETWORK SYS 200 500
CRDT CREDITRUST CORP 500 1000
CTBIP CTBI PFD CAP TRUST 500 200
CMLS CUMULUS MEDIA INC 500 1000
CURTF CURTIS INTL LTD 200 500
COOL CYBERIAN OUTPOST 500 1000
D
DECC D & E COMMUNICATIO 500 1000
DLTDF DELPHI INTL LTD 200 500
DCBI DELPHOS CITIZENS B 1000 500
DCBK DESERT COMMUNITY B 500 200
DRIV DIGITAL RIVER INC 500 1000
DOCDF DOCDATA NV 500 1000
DXCPO DYNEX CAPITAL PFD B 500 1000
E
EGLB EAGLE BANCGROUP IN 500 1000
EWBX EARTH WEB INC 200 500
ELON ECHELON CORP 500 1000
ECLP ECLIPSYS CORP 500 1000
ELBO ELECTRONICS BOUT 500 1000
ENBRF ENBRIDGE INC 500 200
ENGEF ENGEL GNRL DEV SE 500 1000
ENSR ENSTAR INC 1000 500
ENTU ENTRUST TECHS INC 200 500
EQSB EQUITABLE FED SAV 500 1000
ESBF ESB FINANCIAL 1000 500
ESCA ESCALADE INC 1000 500
EMCC EUROPEAN MICRO HLD 500 1000
EXCO EXCO RESOURCES INC 200 500
F
FMCO F M S FINANCIAL CP 1000 500
FSBI FIDELITY BANCORP I 200 500
FFFLP FIDELITY CAP TR I 500 1000
FMST FINISHMASTER INC 500 1000
FBSI FIRST BANCSHARES I 500 200
FBCG FIRST BKG CO SE GA 200 500
BUSE FIRST BUSEY CL A 200 500
FFES FIRST FED S L E.HT 500 1000
THFF FIRST FIN CP (IN) 1000 500
FTFN FIRST FIN CP (RI) 200 500
FFIN FIRST FINL BKSHS I 500 1000
FFHS FIRST FRANKLIN CP 500 200
FGHC FIRST GEORG HLDGS 1000 500
FKAN FIRST KANSAS FIN 500 1000
CASH FIRST MIDWST FIN I 1000 500
FMSB FIRST MUTUAL SVGS 1000 500
FRGB FIRST REGIONAL BNC 500 200
FUNC FIRST UNITED CORP 1000 500
FLBK FLORIDA BANKS INC 500 1000
FCIN FLOUR CITY INTL 500 1000
FKKY FRANKFORT FRST 1000 500
FSVBP FRANKLIN FIN PD A 1000 500
FREEY FREEPAGES GR PLC ADR 200 500
FTBK FRONTIER FIN CORP 1000 500
FFHH FSF FINANCIAL CP 1000 500
FTNB FULTON BANCORP INC 500 1000
G
GLDBP GBCI CAP TR PFD 200 500
GFLSP GCB CAP TRUST PFD 200 500
GENBB GENESEE CP B 500 1000
GZMO GENZYME MOLEC 200 500
GCTY GEOCITIES 500 1000
GSCI GEOSCIENCE CP 1000 500
GIGX GIGA INFO GROUP 500 1000
GFCO GLENWAY FIN CP 500 200
GBLX GLOBAL CROSSING 500 1000
GISX GLOBAL IMAGING SYS 500 1000
VINT GOLDEN ST VINT B 500 1000
GNCNF GORAN CAPITAL INC 500 1000
GUCO GRAND UNION CO 200 500
GTPS GREAT AMER BNCP IN 1000 500
GFLS GREATER COMMUNITY 500 1000
H
HPSC H P S C INC 1000 500
HACHA HACH COMPANY CL A 500 1000
HAHN HAHN AUTOMOTIVE 200 500
HCRC HALLWOOD CONS RES 500 200
HNBC HARLEYSVILLE NATL 500 1000
HFGI HARRINGTON FIN GRP 1000 500
HAVA HARVARD IND NEW 200 500
HAST HASTINGS ENT INC 500 1000
HMLK HEMLOCK FED FIN CO 1000 500
HTBK HERITAGE COMMERCE 500 200
HBNK HIGHLAND BANCORP 500 200
HORT HINES HORTICULTURE 500 1000
HOEN HOENIG GP INC 1000 500
HLGCF HOLLINGER INC 500 200
HEPH HOLLIS-EDEN PHARM 500 1000
HOLO HOLOPAK TECHS INC 500 1000
HBFW HOME BANCORP 1000 500
HLFC HOME LOAN FINL CP 500 1000
HCAR HOMETOWN AUTO CL A 500 1000
HCOW HORIZON ORGANIC HD 500 1000
HRBT HUDSON RVR BNCP 500 1000
I
ICOGF ICO GLOBAL COMM 500 1000
IDGB IDG BOOKS WRLDWIDE 500 1000
INDBP INDEP CAP TR I PFD 200 500
INDYY INDEP ENERGY ADS 500 1000
INHO INDEPENDENCE HLDG 500 200
IHIIZ INDUSTRIAL HLDG WT 200 500
IMGK INTERACTIVE MAGIC 500 1000
INTG INTERGROUP CP THE 200 500
IPLY INTERPLAY ENT CORP 500 1000
IVBK INTERVISUAL BOOKS 500 1000
ICUB INTL INTEGRATION 500 1000
ISKO ISCO INC 500 1000
IYCOY ITO YOKADO CO ADR 500 1000
CMIV IVI CHECKMATE CORP 500 1000
XOSY IXOS SOFTWARE ADS 200 500
J
JEFFP J B I CAPITAL TR PFD 500 200
JPSP JPS PACKAGING CO 500 1000
JPST JPS TEXTILE GRP 500 1000
K
KASP KASPER ASL LTD 500 1000
KESI KENTUCKY ELEC STEE 500 1000
KNAP KNAPE AND VOGT MFG 1000 500
NITE KNIGHT/TRIMARK GR 500 1000
KOSS KOSS CP 1000 500
L
LXBK L S B BANCSHARES N 1000 500
LABH LAB HOLDINGS INC 1000 500
LAND LANDAIR CORP 200 500
LARK LANDMARK BSCHS INC 500 200
LWIN LEAP WIRELESS 200 500
LGSAF LGS GROUP CL A 200 500
LIBB LIBERTY BANCORP 500 1000
LIQB LIQUI BOX CP 500 1000
LMIA LMI AEROSPACE INC 500 1000
LONDY LONDON INTL PLC ADR 200 500
LICB LONG ISLAND FIN 500 1000
LSBI LSB FINANCIAL CP 500 200
M
MFRI M F R I INC 500 1000
MLCH M L C HOLDINGS INC 500 1000
MKFCF MACKENZIE FIN CP 500 200
MTLX MARINE TRANSPORT 500 1000
FMARP MARINER CAP TR PFD 500 1000
MVII MARK VII INC 1000 500
MARSA MARSH SUPERMARKETS A 1000 500
MARSB MARSH SUPERMARKETS B 500 1000
MASB MASSBANK CP 500 1000
MAGR MASTER GRAPICS INC 500 1000
MATE MATEWAN BCSHS INC 200 500
MAXE MAX ERMAS RESTR IN 1000 500
MAXC MAXCO INC 500 1000
MXTR MAXTOR CORP 500 1000
MFLR MAYFLOWER CO OP BK 200 500
MDCA MDC COMMUN CORP 200 500
MBIA MERCHANTS BNCP IL 1000 500
MRET MERIT HOLDING CP 1000 500
METFP METROPOLITAN CAP 1000 500
MSTR MICROSTRATEGY INC 500 1000
MDST MID-STATE BCSH 500 1000
MBSI MILLER BUILDING SY 1000 500
MNMD MINIMED INC 1000 500
MMAN MINUTEMAN INTL INC 200 500
MIPS MIPS TECHS INC 500 1000
MCRI MONARCH CASINO 500 1000
MUEL MUELLER PAUL CO 500 200
LABL MULTI COLOR CP 500 1000
N
NSDB N S D BANCORP INC 200 500
NSSC NAPCO SEC SYS INC 1000 500
NARA NARA BANK N A 1000 500
NADX NATL DENTEX CP 500 1000
NTOL NATROL INC 500 1000
FLYR NAVIGANT INTL INC 500 1000
NERAY NERA AS ADR 500 1000
NTBK NET.BANK INC 200 500
NETG NETGRAVITY INC 500 1000
NSOL NETWORK SOLUTIONS 1000 500
NBSC NEW BRUNSWICK SCI 1000 500
NRTI NOONEY REALTY TRUS 500 200
NSYS NORTECH SYSTEMS IN 1000 500
NOVB NORTH VALLEY BNCP 500 1000
NEIB NORTHEAST IND BNCP 1000 500
NSCF NORTHSTAR COMPUTER 500 1000
TONSF NOVAMERICAN STEEL 500 1000
O
OLGR OILGEAR CO 200 500
ODFL OLD DOMINION FREIG 1000 500
OLCWF OLICOM A/S WTS 500 1000
FIBR OSICOM TECH 500 1000
OWOS OWOSSO CP 500 1000
P
PBCI PAMRAPO BNCP INC 1000 500
PGEOF PARADIGM GEOPHYS 500 1000
PCCIP PCC CAPITAL I PFD 200 500
PNNW PENNICHUCK CP 200 500
PPCO PENWEST PHARM 500 1000
PSFC PEOPLES-SIDNEY FIN 1000 500
PEBK PEOPLES BANK 200 500
PEBO PEOPLES BNCP INC 1000 500
PERM PERMANENT BNCP INC 500 1000
PHLYL PHIL CONS GR PRIDE 500 200
PILT PILOT NETWORK SVC 500 1000
PHFCP PITT HOME CAP TR 200 500
POSIF POINT OF SALE LTD 500 1000
PNTE POINTE FINCL CORP 500 1000
BPOPP POPULAR INC PFD A 500 200
PLSIA PREMIER LASER SY 500 1000
PRENP PRICE ENTERPR PFD 200 500
PSMT PRICESMART INC 1000 500
PDII PROF DETAILING INC 500 1000
PRSP PROSPERITY BNCSHS 200 500
PAMC PROVIDENT AMER 200 500
PSBI PSB BANCORP INC 500 1000
PULB PULASKI FINL CORP 500 1000
PLFC PULASKI FURNITURE 500 1000
Q
QCFB Q C F BANCORP INC 500 200
QLGC QLOGIC CP 1000 500
R
RGFCP R&G FIN CP PFD A 200 500
RAGS RAG SHOPS INC 1000 500
RWKS RAILWORKS CORP 500 1000
RBOW RAINBOW RENTALS 500 1000
RDGE READING ENT INC 500 1000
RIGX REALTY INFO GROUP 500 1000
REBC REDWOOD EMPIRE BCP 200 500
RBCAA REPUBLIC BCP CL A 500 1000
RSTO RESTORATION HARDWR 500 1000
RTSTD RIGHT START INC (THE) 500 1000
RIFL ROYAL PRECISION INC 500 1000
RUSMF RUSSELL METALS 500 200
S
SGVB S G V BANCORP INC 500 200
STVI S T V GROUP INC 500 1000
SAVB SAVANNAH BNCP INC 500 200
SCCX SCC COMMUNICATIONS 500 1000
SAVO SCHULTZ SAV O STOR 500 1000
STIZ SCIENTIFIC TECH IN 500 1000
SCOT SCOTT AND STRINGF 1000 500
SEWY SEAWAY FOOD TOWN I 1000 500
SNFCA SECURITY NATL FINL A 200 500
SEVN SEVENSON ENVIRONME 1000 500
SFNCA SIMMONS FIRST NATL A 1000 500
SKYEY SKYEPHARMA PLC 500 1000
SECBY SOCIETE EUR ADS B 200 500
SWRX SOFTWORKS INC 500 1000
SOMR SOMERSET GP INC TH 200 500
SFFS SOUND FED BANCORP 200 500
SMBC SOUTHERN MO BNCP I 1000 500
OKSB SOUTHWEST BNCP INC 1000 500
SPZN SPEIZMAN INDS INC 1000 500
STHLY STET HELL ADS 500 1000
SCSAY STOLT COMEX ADS 500 1000
SUBK SUFFOLK BNCP 500 1000
SNBCP SUN CAPITAL TR PFD 500 200
SNBCO SUN CAPITL TR II 200 500
SUNH SUNDANCE HOMES INC 500 1000
SNRS SUNRISE TECHNOLOGIES 500 1000
SPPR SUPERTEL HOSPITALI 500 1000
SIVBP SVB CAPITAL I PFD 500 1000
SVBF SVB FIN SVCS INC 500 200
SWMAY SWEDISH MATCH AB ADR 500 1000
SYNM SYNTROLEUM CORP 500 1000
T
THRD T F FINANCIAL CP 500 1000
TSATB TCI SAT ENT SER B 200 500
TSRC TECHNISOURCE INC 500 1000
TBFC TELEBANC FIN CP 500 1000
TIWIF TELESYSTEM INTL 500 1000
TERN TERAYON COMMUN SYS 200 500
TGLO THEGLOBE.COM INC 200 500
THTL THISTLE GROUP HLDG 500 1000
TWNE TOWNE SVCS INC 500 1000
TRKA TRAK AUTO CP 500 1000
TRED TREADCO INC 500 1000
TBCOL TRIATHALON BD DEP SH 500 200
TFCO TUFCO TECHS INC 500 1000
TWTR TWEETER HOME ENT 500 1000
U
UFPT UFP TECH INC 500 1000
UCBH UCBH HOLDINGS INC 200 500
ULTI ULTIMATE SOFTWARE 500 1000
UCFC UNITED COMM FIN CP 500 1000
UNEWY UNITED NEWS & MEDIA 500 200
UNTY UNITY BANCORP INC 200 500
V
VSEC V S E CP 200 500
VDRY VACU DRY CO 200 500
VNGI VALLEY NATL GASES 1000 500
VALU VALUE LINE INC 500 1000
VTRAO VBC CAPITAL I CAP 500 200
VENT VENTURIAN CP 500 1000
VITX VI TECHNOLOGIES 500 1000
VLGEA VILLAGE SUPER MKT A 1000 500
VBNJ VISTA BANCORP INC 1000 500
W
WVFC W V S FINANCIAL CP 1000 500
WBCO WASHINGTON BKG CO 500 1000
WCNX WASTE CONNECTIONS 500 1000
WEFC WELLS FINANCIAL CP 1000 500
WCSTF WESCAST INDS INC A 200 500
WEBK WEST ESSEX BANCORP 200 500
WOFC WESTERN OHIO FIN 1000 500
WTFCP WINTRUST CAP PFD 200 500
WORK WORKFLOW MGMT INC 500 1000
WHRTF WORLD HEART CORP 500 1000
X
XCED XCEED INC 500 1000
Z
ZVXI ZEVEX INTL INC 200 500

Previous Next