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  • 97-45 Corrected List of SOES Tier Size Levels

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    Effective Date: July 1, 1997

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    Legal & Compliance
    Operations
    Systems
    Trading



    Executive Summary

    The following is a corrected list of the Small Order Execution SystemSM (SOESSM) tier size changes that became effective on July 1, 1997. The list of SOES tier size changes included in Notice to Members 97-38 was incorrect due to data errors. Despite the errors, the correct list of SOES tier size changes was programmed into SOES, effective July 1, 1997, according to the Nasdaq® SOES tier size re-ranking rules and procedures. Shortly after the publication of Notice to Members 97-38, Nasdaq's Market Operations Department informed the membership of the errors. Accordingly, this Notice to Members merely reflects the correct list of SOES tier size changes which went into effect on July 1, 1997.

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

    Description

    Under Rule 4710, the maximum SOES order size for a Nasdaq National Market® security is 1,000, 500, or 200 shares depending on the trading characteristics of the security. The Nasdaq Workstation IITM indicates the maximum SOES order size for each Nasdaq National Market security in its bid/offer quotation display. The indicator "NM10," "NM5," or "NM2" is displayed to the right of the security name, corresponding to a maximum SOES order size of 1,000, 500, or 200 shares, respectively.

    The criteria for establishing SOES tier sizes are as follows:

    • A 1,000-share tier size was applied to those Nasdaq National Market securities that had an average daily non-block volume of 3,000 shares or more a day, a bid price that was less than or equal to $100, and three or more market makers.


    • A 500-share tier size was applied to those Nasdaq National Market securities that had an average daily nonblock volume of 1,000 shares or more a day, a bid price that was less than or equal to $150, and two or more market makers.


    • A 200-share tier size was applied to those Nasdaq National Market securities that had an average daily nonblock volume of less than 1,000 shares a day, a bid price that was less than or equal to $250, and less than two market makers.

    In accordance with Rule 4710, Nasdaq periodically reviews the SOES tier size applicable to each Nasdaq National Market security to determine if the trading characteristics of the issue have changed so as to warrant a tier size adjustment. Such a review was conducted using data as of March 31, 1997, pursuant to the aforementioned standards. The SOES tier-size changes called for by this review are being implemented with three exceptions.

    • First, issues were not permitted to move more than one tier-size level. For example, if an issue was previously categorized in the 1,000-share tier, it would not be permitted to move to the 200-share tier, even if the formula calculated that such a move was warranted. The issue could move only one level to the 500-share tier as a result of any single review. In adopting this policy, the NASD was attempting to maintain adequate public investor access to the market for issues in which the tier-size level decreased and to help ensure the ongoing participation of market makers in SOES for issues in which the tier-size level increased.


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


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

    In addition, with respect to initial public offerings (IPOs), the SOES tier-size 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, 1997, were not subjected to the SOES tier-size review.

    Nasdaq National Market SOES Tier-Size Changes
    All Issues In Alphabetical Order By Security Name
    (Effective July 1, 1997)

    Symbol Company Name Old Tier Level New Tier Level
    TDDDF 3DLABS INC LTD 200 500
    TDXT 3DX TECHNOLOGIES INC 200 500
    A
    AANB ABIGAIL ADAMS NATL 1000 500
    AASI ADVANCED AERO CL A 200 500
    AASIW ADVANCED AERO WT A 200 500
    AASIZ ADVANCED AERO WT B 200 500
    ABDR ABACUS DIRECT CP 500 1000
    ABFI AMERICAN BUS FIN SVC 200 500
    ABND AUTOBOND ACCEPT CP 500 1000
    ABRI ABRAMS INDS INC 200 500
    ACCB ACCESS BEYOND INC 200 500
    ACLR ACCENT COLOR SCIENCE 200 500
    ACLY ACCELER8 TECH CORP 200 500
    ADCC ANDEAN DEV CORP 500 1000
    ADCCW ANDEAN DEV CORP WTS 500 1000
    ADECY ADECCO SA ADR 500 200
    ADIC ADVANCED DIG INFO CP 500 1000
    ADVH ADVANCED HEALTH CORP 500 1000
    ADVP ADVANCE PARADIGM INC 500 1000
    AFCI ADVANCED FIBRE 500 1000
    AFCX A F C CABLE SYS INC 1000 500
    AFED AFSALA BANCORP INC 500 1000
    AICX APPLIED IMAGING CORP 500 1000
    AIII AUTOLOGIC INFO INTL 1000 500
    ALET ALOETTE COSMETICS 1000 500
    ALFC ALLIED LIFE FINL CP 500 1000
    ALGO ALGOS PHARMACEUTICAL 500 1000
    ALLE ALLEGIANT BNCP INC 500 200
    ALLN ALLIN COMMUNICATIONS 500 1000
    ALYN ALYN CORP 500 1000
    ALZAW A L Z A CP WTS 500 1000
    AMBC AMER BNCP OHIO 200 500
    AMCE AMER CLAIMS EVALUAT 1000 500
    AMCI AMERICAN MEDSERV CP 500 1000
    AMCN AMERICAN COIN MERCH 500 1000
    AMED AMEDISYS INC 500 1000
    AMRS AMERUS LIFE HLDGS 200 500
    AMSN AMSCAN HLDGS INC 200 500
    ANCO ANACOMP INC 500 1000
    ANDR ANDERSEN GROUP INC 500 200
    AQLA AQUILA BIOPHARMACEUT 500 1000
    ARMXF ARAMEX INTL LTD 200 500
    ARONA AARON RENTS INC CL-A 500 1000
    ARQL ARQULE INC 500 1000
    ARSD ARABIAN SHIELD DEV 1000 500
    ARTT ADVANCED RADIO TELE 500 1000
    ARTW ART S WAY MFG CO INC 500 200
    ASFN ALLSTATE FINL CP 500 1000
    ASIGF ANSALDO SIGNAL NV 200 500
    ASTM AASTROM BIOSCIENCES 200 500
    ASVI A S V INC 500 1000
    ATAC AFTERMARKET TECH CP 200 500
    ATRC ATRIA COMMUNITIES 500 1000
    ATRI ATRION CP 500 1000
    AUGIW AMER UN GLOBAL WT 500 200
    AURM AURUM SOFTWARE INC 500 1000
    AVIR AVIRON 500 1000
    AWRD AWARD SOFTWARE INTL 500 1000
    AXYS AXSYS TECHS INC 200 500
    B
    BANF BANCFIRST CP 500 1000
    BBHF BARBERS HAIRSTYLING 200 500
    BBII BOSTON BIOMEDICA INC 500 1000
    BBIOY BRITISH BIO-TECH ADR 1000 500
    BCIS BANCINSURANCE CP 500 1000
    BCOM BANK OF COMMERCE(CA) 500 1000
    BCORY BIACORE INTL AB ADR 200 500
    BEERF BIG ROCK BREWERY LTD 1000 500
    BEVB BEVERLY BANCORP INC 500 1000
    BFEN B F ENTERPRISES INC 200 500
    BFFC BIG FOOT FIN CORP 200 500
    BGAS BERKSHIRE GAS CO 500 1000
    BGLVW BALLY'S GRAND INC WT 500 200
    BHIKF B H I CORP 1000 500
    BIORY BIORA AB ADR 200 500
    BITS BITSTREAM INC 500 1000
    BKCT BANCORP CONN INC 1000 500
    BKLA BANK OF LOS ANGELES 200 500
    BLGMY BUFFELSFONTEIN ADR 500 1000
    BLSC BIO LOGIC SYS CP 1000 500
    BMAN BIRMAN MANAGED CARE 200 500
    BMCCP BANDO MCGLOC PFD A 200 500
    BNHNA BENIHANA INC A 1000 500
    BNTT BARNETT INC 500 1000
    BOOT LACROSSE FOOTWEAR 500 1000
    BOSA BOSTON ACOUSTICS INC 500 1000
    BOXXA BOX ENERGY CP CL A 500 200
    BOYD BOYD BROS TRANS INC 200 500
    BPAO BALDWIN PIANO ORGAN 1000 500
    BRID BRIDGFORD FOODS CP 500 1000
    BSTE BIOSITE DIAGNOSTIC 200 500
    BTEK BALTEK CP 500 200
    BTIC BRUNSWICK TECHS INC 200 500
    BTRN BIOTRANSPLANT INC 1000 500
    BWINB BALDWIN LYONS CL B 1000 500
    BWLN BOWLIN OUTDOOR ADVER 200 500
    C
    CAFI CAMCO FINANCIAL CP 500 1000
    CAII CAPITAL ASSOC 1000 500
    CALGL CAL FED SEC LIT INT 500 1000
    CALM CAL-MAINE FOODS INC 200 500
    CBCG C B COMM REAL ESTATE 200 500
    CBMD COLUMBIA BANCORP MD 500 1000
    CBNJW CARNEGIE BANCORP WTS 1000 500
    CBST CUBIST PHARMACEUTCLS 500 1000
    CCBG CAPITAL CITY BANK GR 200 500
    CCOW CAPITAL CP OF WEST 200 500
    CDEN COAST DENTAL SVCS 200 500
    CERB C E R B C O INC 500 1000
    CERS CERUS CORP 200 500
    CFBXL CFB CAPITAL I CUM 200 500
    CFCI C F C INTL INC 500 1000
    CFIN CONSUMERS FIN CP 500 200
    CFNC CAROLINA FINCORP INC 200 500
    CFWY CONS FREIGHTWAYS CP 500 1000
    CHCO CITY HOLDING CO 500 1000
    CHFC CHEMICAL FIN CP 500 1000
    CHNL CHANNELL COML CORP 500 1000
    CICS CITIZENS BKSH INC 500 1000
    CINS CIRCLE INCOME SHARES 500 1000
    CLBK COMMERCIAL BANKSHRS 500 1000
    CLSR CLOSURE MEDICAL CORP 500 1000
    CLTR COULTER PHARM INC 200 500
    CMSS CREDIT MGMT SOLU 200 500
    CNBA CHESTER BANCORP INC 500 1000
    CNBF CNB FINANCIAL CP 200 500
    CNDL CANDLEWOOD HOTEL CO 500 1000
    CNDS CELLNET DATA SYSTEMS 500 1000
    CNIT C E N I T BNCP INC 500 1000
    CNRMF CINRAM LIMITED 500 200
    COLTY C O L T TELECOM ADR 200 500
    COVB COVEST BANCSHARES 500 1000
    CRBO CARBO CERAMICS INC 1000 500
    CRRC COURIER CP 1000 500
    CRYSF CRYSTAL SYSTEMS SOL 200 500
    CSBI CENTURY SOUTH BKS 1000 500
    CSCQW CORRECTIONAL SVCS WT 500 200
    CTLG SPECIALTY CATALOG CP 500 1000
    CTWS CONN WATER SVCS INC 500 1000
    CUNO C U N O INC 500 1000
    CVTX C V THERAPEUTICS INC 200 500
    CWTR COLDWATER CREEK INC 200 500
    CYBR CYBERMEDIA INC 500 1000
    CYMI CYMER INC 500 1000
    D
    DAOU D A O U SYSTEMS INC 200 500
    DATX DATA TRANSLATION 200 500
    DBTO D B T ONLINE INC 500 1000
    DCBI DELPHOS CITIZENS BCP 200 500
    DCBK DESERT COMMUNITY BK 200 500
    DCRNW DIACRIN INC WT 500 1000
    DDRX DIEDRICH COFFEE 500 1000
    DEZI DONNELLY ENT SOLUTIO 500 1000
    DHMS DIAMOND HOME SVCS 500 1000
    DIGL DIGITAL LIGHTWAVE 200 500
    DIGX DIGEX INC 500 1000
    DITI DIATIDE INC 1000 500
    DLIA DELIA*S INC 200 500
    DNAP D N A P HLDG CP 500 1000
    DOCP DELAWARE OTSEGO CP 500 1000
    DOCX DOCUMENT SCI CP 500 1000
    DPNR DIGNITY PARTNERS INC 1000 500
    DROOY DURBAN ROODEPOOR ADR 500 1000
    DTAM DATAMARK HOLDING INC 200 500
    DXCPN DYNEX CAPITAL PFD C 500 1000
    E
    EASY STORM TECH INC 500 1000
    ECSGY ECSOFT GROUP PLC ADR 200 500
    EDMC EDUCATION MGMT CORP 500 1000
    EDSE ESELCO INC 200 500
    EFBC EMPIRE FED BANCORP 200 500
    EGLB EAGLE BANCGROUP INC 500 1000
    EIDSY EIDOS PLC ADR 200 500
    EIRE EMERALD ISLE BANCORP 500 1000
    ELET ELLETT BROTHERS INC 1000 500
    ELGT ELECTRIC & GAS TECH 200 500
    ELNK EARTHLINK NETWORK 200 500
    ELRWF ELRON ELEC INDS WTS 500 200
    ELSE ELECTRO SENSORS INC 500 200
    ELTKF ELTEK LTD 200 500
    ELXS ELXSI CP 1000 500
    EMCI EMC INSURANCE GP 500 1000
    EMER EMERGENT GROUP INC 500 1000
    EMITF ELBIT MED IMAGING 200 500
    ENML ENAMELON INC 500 1000
    EONE ENVIRONMENT ONE CP 500 1000
    EPIX EPIX MEDICAL INC 200 500
    EPTO EPITOPE INC 200 500
    ERGB ERGOBILT INC 200 500
    ESCA ESCALADE INC 500 1000
    ESCP ELECTROSCOPE INC 1000 500
    ESLTF ELBIT SYSTEMS LTD 200 500
    EUSA EAGLE USA AIRFREIGHT 500 1000
    F
    FAHC FIRST AMER HEALTH 1000 500
    FAME FLAMEMASTER CP THE 200 500
    FATS FIREARMS TRAINING 200 500
    FAXX FAXSAV INC 500 1000
    FBAN FNB CP (PA) 500 1000
    FBHC FORT BEND HLDG CORP 500 200
    FBNKO FIRST PFD CAP TR PFD 200 500
    FBNKP FIRST BKS CUM PFD C 200 500
    FBSI FIRST BANCSHARES INC 200 500
    FCNB FCNB CP 500 1000
    FCPY FACTORY CARD OUTLET 200 500
    FDPC FDP CP 500 1000
    FFSW FIRSTFEDERAL FINL 500 1000
    FKFS FIRST KEYSTONE FIN 500 1000
    FLAG FLAG FINANCIAL CP 500 1000
    FLCHF FLETCHER'S FINE FOOD 200 500
    FLWR CELEBRITY INC 1000 500
    FLYT INTERACTIVE FLGT A 500 1000
    FMAR FIRST MARINER BNCP 200 500
    FMCO FMS FINANCIAL CP 500 200
    FMST FINISHMASTER INC 1000 500
    FNBF FNB FINANCIAL SVC CP 200 500
    FNGB FIRST NORTHERN CAP 500 1000
    FORR FORRESTER RESEARCH 200 500
    FOUR FOUR MEDIA COMPANY 200 500
    FPBN FP BANCORP INC 500 1000
    FPWR FOUNTAIN PWRB IND 500 1000
    FRME FIRST MERCHANTS CP 500 1000
    FRTG FORTRESS GROUP INC 500 1000
    FSNJ FIRST SAV BK OF NJ 500 1000
    FSPG FIRST HOME BNCP INC 200 500
    FSTH FIRST SO BCSHS INC 1000 500
    FTFN FIRST FIN CP (RI) 500 1000
    FTNB FULTON BANCORP INC 500 1000
    FVHI FIRST VIRTUAL HLDGS 200 500
    FVNB FIRST VICTORIA NATL 200 500
    G
    GBBK GREATER BAY BANCORP 500 1000
    GENBB GENESEE CP B 500 200
    GEOC GEOTEL COMMUN CP 200 500
    GFCO GLENWAY FIN CP 200 500
    GFNL GRANITE FINANCIAL 500 1000
    GGEN GALAGEN INC 1000 500
    GIGA GIGA TRONICS INC 1000 500
    GLDB GOLD BANC CORP INC 200 500
    GLTB GOLETA NATL BANK 200 500
    GMCR GREEN MT COFFEE INC 500 1000
    GNCNF GORAN CAPITAL INC 500 1000
    GOAL ASCENT ENTER GROUP 500 1000
    GOYL GARGOYLES INC 500 1000
    GPFI GRAND PREMIER FIN 500 1000
    GRDL GRADALL INDS INC 500 1000
    GRLL ROADHOUSE GRILL INC 200 500
    GSLC GUARANTY FIN CP 500 1000
    GTRN GREAT TRAIN STORE CO 500 1000
    GWALY GREAT WALL ADR 500 200
    H
    HAHIW HELP AT HOME INC WTS 500 1000
    HAYS HAYES WHEELS INTL 500 1000
    HBEI HOME BANCP ELGIN 500 1000
    HBNK HIGHLAND FEDERAL BK 1000 500
    HCFP HEALTHCARE FIN PTRS 200 500
    HECHB HECHINGER CO CL B 1000 500
    HERS HERITAGE FINL SVC IL 500 1000
    HFFC HF FINANCIAL CP 1000 500
    HFGI HARRINGTON FIN GRP 1000 500
    HGMCY HARMONY GOLD MNG ADR 500 1000
    HIBB HIBBETT SPORTING 500 1000
    HIFS HINGHAM INSTI SAVING 500 200
    HIHOF HIGHWAY HLDGS LTD 200 500
    HIHWF HIGHWAY HLDGS WTS 200 500
    HILI HILITE INDS INC 1000 500
    HLGRF HOLLINGER INC 1000 500
    HMGT HOMEGATE HOSPITALITY 500 1000
    HNBC HARLEYSVILLE NATL CP 1000 500
    HOMF HOME FEDERAL BANCORP 500 1000
    HOTT HOT TOPIC INC 500 1000
    HPFC HIGH POINT FINL CORP 200 500
    HPSC HPSC INC 500 1000
    HPWR HEALTH POWER INC 1000 500
    HVFD HAVERFIELD CP 500 1000
    HYDEB HYDE ATHLETIC INDS B 1000 500
    I
    IACP IA CORPORATION I 500 1000
    IBCP INDEP BK CP MI 500 1000
    IBCPP INDEP BK CP CUM PFD 200 500
    IFSC INTERFERON SCIENCES 500 1000
    IGRP INDUS GROUP INC THE 500 1000
    IGYN IMAGYN MEDICAL INC 500 1000
    IHCC INTENSIVA HLTHCR CP 500 1000
    IHIIL INDUSTRIAL HLDG WT C 200 500
    ILABY INSTRUMENTATION ADR 500 1000
    ILCC INTEGRATED LIVING 500 1000
    ILDCY ISRAEL DEVEL LTD ADR 200 500
    ILOGY ILOG ADR 200 500
    IMIC INDUSTIR-MATEMATIK 500 1000
    IMRI INTEGRATED MED RES 500 1000
    IMRS INFO MGMT RESOURCES 500 1000
    INDQB INTL DAIRY QUEEN B 200 500
    INLD INLAND CASINO CP 500 200
    INSS INTL NETWORK SVCS 500 1000
    INTD INTELIDATA TECHS >#/td> 500 1000
    INVN INVISION TECH INC 500 1000
    IPSW IPSWICH SAV BK 500 1000
    IRWNP IRWIN FIN CUM TR PFD 200 500
    ISCA INTL SPEEDWAY CL A 500 1000
    ISER INNOSERV TECH INC 1000 500
    ITCC INDUSTRIAL TRAINING 1000 500
    ITDS INTL TELECOM DATA 500 1000
    ITIG INTELLIGROUP INC 500 1000
    IUBC INDIANA UNITED BNCP 200 500
    J
    JAKK JAKKS PACIFIC INC 500 1000
    JCORZ JACOR COMM INC WTS 500 1000
    JPEI JPE INC 1000 500
    JTAX JACKSON HEWITT INC 500 1000
    JUDG JUDGE GROUP INC 200 500
    K
    KARR KARRINGTON HEALTH 1000 500
    KAYE KAYE GROUP INC 500 200
    KOGCP KELLEY OIL & GAS PFD 1000 500
    KPSQ KAPSON SNR QUARTERS 500 1000
    KTTY KITTY HAWK INC 500 1000
    KVCO KEVCO INC 500 1000
    KWIC KENNEDY-WILSON INTL 500 200
    L
    LABL MULTI COLOR CP 500 1000
    LANV LANVISION SYS INC 1000 500
    LARK LANDMARK BSCHS INC 200 500
    LARS LARSCOM INC CL A 200 500
    LEAP LEAP GROUP (THE) 500 1000
    LEIX LOWRANCE ELECTRONICS 1000 500
    LEPI LEADING EDGE PACKAGI 200 500
    LFUSW LITTELFUSE INC WTS 500 200
    LIVE LIVE ENTERTAIN INC 1000 500
    LMAR LAMAUR CORP 500 1000
    LMTR LITHIA MOTORS INC 200 500
    LOFSY LONDON & OVERSEA ADR 200 500
    LSON LASON INC 500 1000
    LTBG LIGHTBRIDGE INC 500 1000
    M
    MACC MACC PRIVATE EQU INC 500 200
    MACD MACDERMID INC 500 1000
    MAII MEDICAL ALLIANCE INC 500 1000
    MAME MOBILE AMER CP NEW 500 1000
    MANC MANCHESTER EQUIP CO 200 500
    MAST MASTECH CORPORATION 200 500
    MAXF MAXCOR FINL GROUP 500 1000
    MAZL MAZEL STORES INC 200 500
    MBLF MBLA FINL CORP 500 200
    MBRK MEADOWBROOK REHAB A 500 200
    MBRS MEMBERWORKS INC 500 1000
    MCRI MONARCH CASINO 1000 500
    MDLK MEDIALINK WORLDWIDE 200 500
    MDMD MEDIRISK INC 200 500
    MDSIF MDSI MOBILE DATA 200 500
    MEDJ MEDI-JECT CORP 500 1000
    MEMCF MEMCO SOFTWARE LTD 500 1000
    METZ METZLER GROUP INC 500 1000
    MFAC M ARKET FACTS INC 500 1000
    MFBC MFB CORP 1000 500
    MGRC MCGRATH RENT CP 1000 500
    MIGI MERIDIAN INS GP INC 500 1000
    MINT MICRO-INTEGRATION CP 1000 500
    MISI METRO INFO SVCS INC 200 500
    MMGC MEGO MORTGAGE CP 200 500
    MMGR MEDICAL MGR CORP 200 500
    MOKA COFFEE PEOPLE INC 500 1000
    MONEP MONEY STORE PFD 500 1000
    MORP MOORE PRODUCTS CO 200 500
    MRET MERIT HOLDING CP 500 1000
    MSDX MASON-DIXON BCSHS 1000 500
    MSFTP MICROSOFT CV PFD 200 500
    MTNT METRO NETWORKS INC 500 1000
    MTON METRO ONE TELECOMM 500 1000
    MTRS METRIS COMPANIES INC 500 1000
    MTXC MATRIX CAP CORP 500 1000
    MVIS MICROVISION INC 500 1000
    MVISW MICROVISION WTS 500 1000
    MVSI MVSI INC 500 1000
    MVSIW MVSI INC WTS A 200 500
    MWHX MARKWEST HYDROCARBON 500 1000
    N
    NAFI NATIONAL AUTO FIN CP 200 500
    NAIG NATL INSURANCE GP 500 1000
    NAII NATURAL ALTERNATIVES 200 500
    NATI NATL INSTRUMENTS CP 500 1000
    NCBE NATL CITY BANCSHARES 500 1000
    NCOG NCO GROUP INC 500 1000
    NECB NEW ENGLAND COMM A 500 1000
    NECSY NETCOM SYSTEMS ADR 200 500
    NEIB NORTHEAST IND BNCP 1000 500
    NEOT NEOTHERAPEUTICS INC 500 1000
    NEOTW NEOTHERAPEUTICS WTS 500 1000
    NFLIW NUTRITION FOR LFE WT 1000 500
    NFOR NFO RESEARCH INC 500 1000
    NGPSF NOVATEL INC 200 500
    NMTI NITINOL MED TECHS 500 1000
    NMTXW NOVAMETRIX MED WTS A 500 200
    NOLD NOLAND CO 200 500
    NPBC NATL PENN BSCHS INC 500 1000
    NPSI NORTH PITTSBURGH SYS 200 500
    NSAI NSA INTL INC 500 1000
    NSCF NORTHSTAR COMPUTER 200 500
    NSSX NATL SANITARY SUPPLY 200 500
    NUCM NUCLEAR METALS INC 200 500
    NWTL NORTHWEST TELEPROD 1000 500
    NYBS NEW YORK BAGEL ENT 500 1000
    O
    OAKF OAK HILL FIN INC 500 200
    OATS WILD OATS MARKETS 500 1000
    OCENY OCE VAN GRINTEN ADR 200 500
    OCWN OCWEN FINANCIAL CP 500 1000
    OEDC OFFSHORE ENERGY DEV 500 1000
    OGAR O'GARA COMPANY (THE) 500 1000
    OGLE OGLEBAY NORTON CO 200 500
    OGNB ORANGE NATL BNCP 200 500
    OHSC OAK HILL SPORTSWEAR 1000 500
    OKSB SOUTHWEST BNCP INC 500 1000
    OLGR OILGEAR CO 500 200
    OMEF OMEGA FINL CP 500 1000
    OMGR OMNI INSURANCE GP 500 1000
    ONCO ON COMMAND CORP 500 1000
    ONDI ONTRACK DATA INTL 500 1000
    OSBC OLD SECOND BNCP INC 200 500
    OTRX OTR EXPRESS INC 1000 500
    P
    PAASF PAN AMER SILVER CP 500 1000
    PABN PACIFIC CAPITAL BNCP 200 500
    PATI PATIENT INFOSYSTEMS 200 500
    PBFI PARIS CORP 500 200
    PBSF PACIFIC BANK NATL CA 500 1000
    PECX PHOTOELECTRON CORP 200 500
    PENG PRIMA ENERGY CP 500 1000
    PGTV PEGASUS COMMUNICATIO 500 1000
    PHXX PHOENIX INTL LTD 500 1000
    PICM PROFESSIONALS INS CO 500 1000
    PJAM PJ AMERICA INC 500 1000
    PLIT PETROLITE CP 500 1000
    PMFI PERPETUAL MIDWEST 1000 500
    PNBC PRINCETON NATL BNCP 200 500
    PNTGF PETROMET RES LTD 200 500
    POST INTL POST LIMITED 1000 500
    PPLS PEOPLES BK CP OF IND 200 500
    PRCM PROCOM TECH INC 200 500
    PRLS PEERLESS SYSTEMS CP 500 1000
    PRLX PARLEX CP 200 500
    PRMX PRIMEX TECHS INC 200 500
    PRTL PRIMUS TELECOM GROUP 500 1000
    PRTW PRINTWARE INC 500 1000
    PRWW PREMIER RESEARCH 200 500
    PSAB PRIME BNCP INC 500 1000
    PSDS PROSOURCE INC 500 1000
    PSFI PS FINANCIAL INC 200 500
    PUCK FLORIDA PANTHERS HLD 500 1000
    PULS PULSE BANCORP INC 200 500
    PUMA PUMA TECHNOLOGY INC 200 500
    PWAV POWERWAVE TECHS INC 200 500
    Q
    QEPC QEP CO INC 500 1000
    QLIX QUALIX GROUP INC 200 500
    R
    RADS RADIANT SYSTEMS INC 200 500
    RAIL RAILAMERICA INC 500 1000
    RARB RARITAN BANCORP INC 500 200
    RAVE RANKIN AUTO GP 200 500
    RBPAA ROYAL BSCHS OF PA A 500 1000
    RCMT RCM TECH INC 500 1000
    RELV RELIV INTL INC 500 1000
    RGFC R&G FINANCIAL CORP 500 1000
    RGLD ROYAL GOLD INC 500 1000
    RIDG RIDGEVIEW INC 500 1000
    RIMG RIMAGE CP 500 1000
    RLLYW RALLY'S HAMBURGER WT 500 1000
    RMHT RMH TELESERVICE 500 1000
    ROMN FILM ROMAN INC 500 1000
    ROYL ROYALE ENERGY INC 500 1000
    RSHX ROCKSHOX INC 500 1000
    RSLN ROSLYN BANCORP INC 200 500
    RSTI ROFIN-SINAR TECHS 500 1000
    RWAV ROGUE WAVE SOFTWARE 200 500
    S
    SABB SANTA BARBARA BNCP 500 1000
    SAVB SAVANNAH BNCP INC 500 200
    SAVO SCHULTZ SAV O STORES 500 1000
    SBCN SUBURBAN BNCP 500 1000
    SBHC SECURITY BK HLDG CO 500 1000
    SCAI SANCHEZ COMPUTER ASS 500 1000
    SCNI SPECIALTY CARE NETWK 200 500
    SCOT SCOTT AND STRINGFELL 200 500
    SEAC SEA CHANGE INTL INC 500 1000
    SEAM SEAMAN FURNITURE CO 500 200
    SEEC SEEC INC 500 1000
    SELAY SELECT APPT PLC ADR 200 500
    SEMD SEA MED CORP 200 500
    SENEB SENECA FOODS CP B 200 500
    SEWY SEAWAY FOOD TOWN INC 500 1000
    SFNCA SIMMONS FIRST NATL A 1000 500
    SFSW STATE FINL SVCS CL A 200 500
    SFXBW SFX BROADCASTING WTS 1000 500
    SGNS SIGNATURE INNS INC 200 500
    SGNSP SIGNATURE INNS PFD A 200 500
    SIGC SYMONS INTL GROUP 500 1000
    SIGN PLASTI LINE INC 1000 500
    SIND SYNTHETIC INDS INC 500 1000
    SKYM SKYMALL INC 200 500
    SLAB SAGE LABS INC 500 200
    SLCTY SELECT SOFTWARE ADR 500 1000
    SLGN SILGAN HOLDINGS INC 200 500
    SMBC SOUTHERN MO BNCP INC 500 1000
    SMCI SIMULATION SCIENCES 500 1000
    SMIT SCHMITT INDS (OR) 500 1000
    SMMT SUMMIT DESIGN INC 500 1000
    SMTK SMARTALK TELESVCS 500 1000
    SNFCA SECURITY NATL FINL A 200 500
    SNHY SUN HYDRAULICS CORP 200 500
    SNSR CONTROL DEVICES INC 500 1000
    SOLLY DR SOLOMON'S GRP ADR 200 500
    SOMR SOMERSET GP INC THE 200 500
    SOSC SUBURBAN OSTOMY SUPP 500 1000
    SPLH SPLASH TECH HLDGS 500 1000
    SPPR SUPERTEL HOSPITALITY 1000 500
    SRCL STERICYCLE INC 500 1000
    SSFC SOUTH STREET FIN CP 500 1000
    STAF STAFFMARK INC 500 1000
    STGE STAGE STORES INC 500 1000
    STIZ SCIENTIFIC TECH INC 1000 500
    STLD STEEL DYNAMICS INC 200 500
    STNRF STEINER LEISURE LTD 500 1000
    STYL STYLING TECH CORP 200 500
    SUBK SUFFOLK BNCP 500 1000
    SUPC SUPERIOR CONSULTANT 500 1000
    SWBC STERLING WEST BNCP 200 500
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