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  • 99-80 Maximum SOES Order Sizes Set To Change October 1, 1999

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    SOES Order Sizes

    SUGGESTED ROUTING

    KEY TOPICS

    Legal & Compliance
    Operations
    Systems
    Trading
    SOES Maximum Order Sizes

    The Suggested Routing function is meant to aid the reader of this document. Each NASD member firm should consider the appropriate distribution in the context of its own organizational structure.

    Executive Summary

    Effective October 1, 1999, the maximum Small Order Execution SystemSM (SOESSM) order sizes for 420 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 non-block 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 nonblock 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 June 30, 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 order-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 June 30, 1999, were not subject to SOES ordersize reranking procedures.

    Following is a listing of the 420 NNM issues that will have the maximum SOES order size changed on October 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 October 1, 1999)
    Symbol Security Name Old Level New Level
    FSBC 1ST STATE BNCP INC 200 500
    A
    ABANP ABI CAP TRUST PFD 1000 500
    BOUT ABOUT.COM INC 200 500
    ABOV ABOVENET COMMUNICTNS 500 1000
    ABRI ABRAMS INDS INC 200 500
    ACLE ACCEL INTL CP 500 1000
    ACDO ACCREDO HEALTH INC 200 500
    ADFC ADFORCE INC 200 500
    DINEW ADVANTICA WTS 500 1000
    AMRI ALBANY MOLECULAR RES 500 1000
    ALCI ALLCITY INSURANCE 200 500
    ALLN ALLIN CORP 200 500
    ALOY ALLOY ONLINE INC 200 500
    AMNB AMER NATL BANKSHS 200 500
    ANFI AMERICAN NATL FINL 500 1000
    ASCA AMERISTAR CASINO 500 1000
    AMTD AMERITRADE HLDG A 1000 500
    AMPI AMPLICON INC 500 1000
    AFSC ANCHOR FIN CORP 500 1000
    ANCR ANCOR COMMUN INC 500 1000
    ANDR ANDERSEN GROUP INC 500 1000
    ANTV ANTENNA TV SA ADR 200 500
    ATHY APPLIEDTHEORY CP SR 200 500
    ARCAF ARCADIS N.V. 1000 500
    AREM AREMISSOFT CORP 200 500
    ARGY ARGOSY ED GRP CL A 200 500
    ARIS ARI NETWORK 500 1000
    ABFSP ARKANSAS BEST CV P 500 1000
    ARMHY ARM HLDGS ADS 500 1000
    ARTNA ARTESIAN RES CP A 500 1000
    ATYT ATI TECHNOLOGIES 500 1000
    ATLPP ATLANTIC PFD CAP CP 500 1000
    ABTL AUTOBYTEL.COM INC 200 500
    AWEB AUTOWEB.COM INC 200 500
    AXHM AXIOHM TRANS SOL 200 500
    B
    BFEN B F ENTERPRISES INC 200 500
    BTEK BALTEK CP 500 1000
    BKCT BANCORP CONN INC 500 1000
    BNSC BANK OF SANTA CLAR 200 500
    BANCP BBC CAPITAL TR I P 1000 500
    BNHNA BENIHANA INC 1000 500
    BIDS BID.COM INTL INC 200 500
    BIZZ BIZNESSONLINE.COM 200 500
    EPAY BOTTOMLINE TECH INC 500 1000
    BRAD BRADLEES INC 500 1000
    BRCM BROADCOM CORP CL A 1000 500
    BUCA BUCA INC 200 500
    C
    CBBI C B BANCSHARES 1000 500
    CDWI C D WAREHOUSE INC 500 1000
    CEMX C E M CP 500 1000
    CERB C E R B C O INC 200 500
    CFCI C F C INTL INC 1000 500
    CNBF C N B FINANCIAL CP 500 1000
    CFFI C&F FINANCIAL CP 500 200
    CTOO C2 INC 200 500
    CIBN CALIFORNIA IND BNC 500 200
    CNTBY CANTAB PHARM 500 200
    CAII CAPITAL ASSOC 1000 500
    CSWC CAPITAL SOUTHWEST 500 1000
    CBCL CAPITOL BANCORP LT 500 1000
    CFFN CAPITOL FEDERAL FINL 200 500
    CBCLP CAPITOL TRUST I PF 1000 500
    CBDR CAREERBUILDER INC 200 500
    CMDC CAREMATRIX CP 200 500
    CFBI CAROLINA FIRST BNCSH 200 500
    CATT CATAPULT COMM CP 500 1000
    CEBK CENTRAL BANCORP INC 1000 500
    CNBKP CENTURY BCP CAP TR 500 1000
    CHANF CHANDLER INS CO LTD 1000 500
    CTIX CHEAP TICKETS INC 200 500
    CHDN CHURCHILL DOWNS IN 500 1000
    CCHE CLINICHEM DEV CL A 1000 500
    CNBB CNB FLORIDA BCSHS INC 500 1000
    CBSAO COASTAL BCP PFD A 200 500
    COHB COHOES BANCORP 500 1000
    CBAN COLONY BANKCORP 500 200
    CFKY COLUMBIA FIN KY 500 1000
    CCBP COMM BANCORP INC 200 500
    CBNY COMMERCIAL BK OF N 500 1000
    CNAF COMMERCIAL NATL FI 500 200
    CFIC COMMUNITY FIN CP 500 1000
    CFBC COMMUNITY FIRST BN 500 1000
    CMSV COMMUNITY SVGS 500 1000
    CDOT COMPS.COM INC 200 500
    CCRT COMPUCREDIT CORP 200 500
    CNQR CONCUR TECHNOLOGIES 500 1000
    CNXT CONEXANT SYSTMS 500 1000
    CMETS CONTL MORTGAGE EQUIT 1000 500
    CMTN COPPER MOUNTN NTWKS 200 500
    COCO CORINTHIAN COLLEG SE 500 1000
    EXBD CORP EXEC BOARD CO 200 500
    CRTQ CORTECH INC 500 1000
    DLVRY CORTECS INTL SPO ADR 1000 500
    CRRC COURIER CP 500 1000
    COVD COVAD COMMUN GROUP 500 1000
    CMST CREATIVE MASTER INTL 500 1000
    CPTH CRITICAL PATH INC 200 500
    AMEN CROSSWALK.COM INC 500 1000
    CTCI CT COMMUNICATIONS 500 1000
    D
    DEAR DEARBORN BANCORP 200 500
    HYTDL DECS TRUST IV 500 1000
    DLTDF DELPHI INTL LTD 500 200
    DELT DELTA GALIL INDS ADS 200 500
    DSGX DESCARTES SYS GRP 500 1000
    DEST DESTIA COMMUNICATNS 200 500
    DGJL DG JEWELLERY CDA 500 1000
    DFXI DIRECT FOCUS INC 200 500
    DOCD DOCDATA NV 500 1000
    DOMZ DOMINGUEZ SVCS CP 500 1000
    DHOM DOMINION HOMES INC 500 1000
    DORLP DORAL FINL CP PFD 200 500
    DIIBF DOREL INDS CL B 1000 500
    DCLK DOUBLECLICK INC 500 1000
    DRRAP DURA AUTO CAP TR 500 1000
    DXPE DXP ENTERPRISE 500 200
    E
    ETEK E-TEK DYNAMICS INC 500 1000
    ELXS E L X S I CP 500 1000
    EWBC EAST WEST BANCORP 500 1000
    EDEL EDELBROCK CP 500 1000
    EDCO EDISON CONTROL CP 500 200
    ELBI ELDORADO BANCSHARES 200 500
    ELET ELLETT BROTHERS IN 500 1000
    EMLX EMULEX CP 1000 500
    ENGSY ENERGIS ADS 500 200
    ENSI ENERGYSOUTH INC 500 1000
    EMCO ENGINEERING MEASUR 500 1000
    EQSB EQUITABLE FED SAV 500 1000
    EMCC EUROPEAN MICRO HLD 1000 500
    EXAP EXCHANGE APPLICATNS 500 1000
    EXCO EXCO RESOURCES INC 500 1000
    EXTR EXTREME NETWORKS 200 500
    F
    FMCO F M S FINANCIAL CP 500 1000
    FRPP F R P PROPERTIES I 500 1000
    FTUS FACTORY 2-U STR 500 1000
    FCPYQ FACTORY CARD OUTLE 1000 500
    FDCC FACTUAL DATA CORP 500 1000
    FDCCW FACTUAL DATA WTS 500 1000
    FATB FATBRAIN.COM INC 500 1000
    FFLC FFLC BNCP INC 500 1000
    FSBI FIDELITY BANCORP I 200 500
    FFFLP FIDELITY CAP TR I 500 1000
    FFED FIDELITY FED BNCP 1000 500
    FDHG FIDELITY HLDGS INC 500 1000
    FBEI FIRST BNCP OF IND 200 500
    BUSE FIRST BUSEY CL A 500 1000
    FTCG FIRST COLONIAL GP 200 500
    FFSX FIRST FED BKSHS 200 500
    FFKY FIRST FED FIN KENT 200 500
    FFHS FIRST FRANKLIN CP 200 500
    FGHC FIRST GEORG HLDGS 500 1000
    FIFS FIRST INV FIN SVC 1000 500
    FPFC FIRST PLACE FINL 500 1000
    FSTH FIRST SO BCSHS INC 500 200
    FLGSO FLAGSTAR TR PFD 200 500
    FLAS FLASHNET COMMUNICATN 200 500
    FFBK FLORIDAFIRST BNCP 200 500
    FCST FLYCAST COMMUN CP 200 500
    FNBP FNB CORP 200 500
    FELE FRANKLIN ELEC INC 500 1000
    FRNT FRONTIER AIRLINES 500 1000
    FTNB FULTON BANCORP INC 500 1000
    G
    GBNK GASTON FED BANCP 500 1000
    GBBKP GBB CAP I CUM TR PFD 500 200
    GLDBO GBCI CAP TR II 200 500
    GIFT GERALD STEVENS INC 500 1000
    GNET GO2NET INC 500 1000
    GNCNF GORAN CAPITAL INC 1000 500
    GFLS GREATER COMMUNITY 1000 500
    GSLI GSI LUMONICS INC 500 1000
    H
    HDVS H. D. VEST INC 500 1000
    HAMP HAMPSHIRE GROUP LT 200 500
    HRBF HARBOR FED BNCP IN 1000 500
    HLTH HEALTHEON CORP 500 1000
    HSII HEIDRICK & STRUGGLES 200 500
    HIFN HI/FN INC 500 1000
    HBNK HIGHLAND FEDERAL B 500 1000
    HBFW HOME BANCORP 500 1000
    HOMEF HOME CTRS (DIY) LTD 500 1000
    HLFC HOME LOAN FINL CP 500 1000
    I
    IMAL IMALL INC 500 1000
    INDBP INDEP CAP TR I PFD 200 500
    INHO INDEPENDENCE HLDG 500 1000
    INFA INFORMATICA CORP SR 200 500
    INSP INFOSPACE.COM INC 500 1000
    INFY INFOSYS TECHN ADS 200 500
    INKT INKTOMI CORP 1000 500
    INMG INSURANCE MGMT SOLUT 500 1000
    ILIF INTELLIGENT LIFE 200 500
    ICPT INTERCEPT GRP INC 200 500
    DENT INTERDENT INC 500 1000
    GEEK INTERNET AMERICA INC 500 1000
    INTT INTEST CORPORATION 500 1000
    INRS INTRANET SOLUTIONS 500 1000
    ITRA INTRAWARE INC 200 500
    IVGN INVITROGEN CORP 200 500
    IROQ IROQUOIS BNCP 1000 500
    TURF ITURF INC 200 500
    IVIL IVILLAGE INC 200 500
    XOSY IXOS SOFTWARE ADS 500 1000
    J
    JEFFP J B I CAPITAL TR PFD 200 500
    MAYS J W MAYS INC 200 500
    JXVL JACKSONVILLE BANCO 1000 500
    JCORM JACOR COMM WTS 500 1000
    JAMSO JAMESON PFD S 200 500
    K
    KTII K TRON INTL INC 500 1000
    KTCO KENAN TRANSPORT CO 200 500
    KEQU KEWAUNEE SCIENTIFI 500 1000
    L
    LABN LAKE ARIEL BNCP IN 1000 500
    LACO LAKES GAMING INC 500 1000
    LCCO LAMAR CAP CORP 500 1000
    LATD LATITUDE COMMUNICTNS 200 500
    LAUN LAUNCH MEDIA INC 200 500
    LCAV LCA-VISION INC 500 1000
    LIBHB LIBERTY HOMES INC B 200 500
    LPNT LIFEPOINT HOSP 200 500
    LIHRY LIHIR GOLD LTD ADR 500 200
    LNCB LINCOLN BANCORP 500 1000
    LOAX LOG ON AMERICA INC 200 500
    LONDY LONDON INTL PLC ADR 500 200
    M
    MLCH M L C HOLDINGS INC 500 1000
    MACC MACC PRIVATE EQU I 200 500
    MKFCF MACKENZIE FIN CP 500 200
    OSKY MAHASKA INV CO 500 1000
    MAKR MAKER COMMUNICATIONS 200 500
    MTEX MANNATECH INC 200 500
    MQST MAPQUEST.COM INC 200 500
    MRBA MARIMBA INC 200 500
    MVII MARK VII INC 500 1000
    MERK MARKETING SPECIALISTS CORP 500 1000
    MSGI MARKETING SVCS GRO 500 1000
    MKTW MARKETWATCH.COM INC 500 1000
    MSDXP MASON-DIX CAP TR P 500 200
    MSDXO MASON-DIXON TR II 500 200
    MFLR MAYFLOWER CO OP BK 500 200
    MKTY MECHANICAL TECHNOLOGY 200 500
    MEDE MEDE AMERICA CORP 500 1000
    MMXI MEDIA METRIX INC 200 500
    MCNS MEDICONSULT.COM INC 200 500
    MBFC MEGABANK FIN CORP 500 1000
    MBIA MERCHANTS BNCP IL 500 1000
    MCBI METROCORP BANCSHARES 500 1000
    MTLG METROLOGIC INSTR I 500 1000
    METFP METROPOLITAN CAP 1000 500
    METFO METROPOLITAN CAP TR2 200 500
    CASA MEXICAN RESTAURANTS INC 500 1000
    MFCB MICHIGAN FINL CP 500 1000
    MIHL MIH LIMITED CL A 200 500
    MBSI MILLER BUILDING SY 500 1000
    MNES MINE SAFETY APPLS 500 1000
    MNMD MINIMED INC 500 1000
    MSIX MINING SVC INTL CP 500 1000
    MMAN MINUTEMAN INTL INC 200 500
    MKSI MKS INSTRUMENTS INC 200 500
    MMPT MODEM MED POPPE 500 1000
    MMTM MOMENTUM BUS APPLICA 500 1000
    MBBC MONTEREY BAY BANCO 500 1000
    MORP MOORE PRODUCTS CO 500 1000
    CRGO MOTOR CARGO INDS 500 1000
    MOTR MOTOR CLUB OF AMER 1000 500
    MPTH MPATH INTERACTIVE SE 200 500
    MUEL MUELLER PAUL CO 200 500
    MLTX MULTEX.COM INC 200 500
    N
    NSSC NAPCO SEC SYS INC 500 1000
    NSEC NATL SECURITY GP I 200 500
    NWLIA NATL WESTERN LIFE 500 1000
    NCBEP NCBE CAP TR I PFD 500 200
    NESY NEON SYSTEMS INC 200 500
    NETP NET PERCEPTIONS INC 200 500
    NETO NETOBJECTS INC 200 500
    NETS NETWORK EVENT THEA 500 1000
    NSOL NETWORK SOLUTIONS 500 1000
    NTRL NEUTRAL POSTURE SA 500 1000
    NXCD NEXTCARD INC 200 500
    NCBH NORTH COUNTY BANCO 500 1000
    NOVB NORTH VALLEY BNCP 1000 500
    NPNT NORTHPOINT COMM GRP 200 500
    NWFI NORTHWAY FINL INC SR 500 200
    TONS NOVAMERICAN STEEL 500 1000
    NMTXZ NOVAMETRIX WTS B 500 200
    NPBCP NPB CAPITAL TR PFD 500 200
    NVDA NVIDIA CORP 500 1000
    O
    OVBC OHIO VALLEY BANC C 200 500
    ONEM ONEMAIN.COM INC SE 200 500
    PLAN OPEN PLAN SYS INC 1000 500
    OBAS OPTIBASE LTD 200 500
    OGNB ORANGE NATL BNCP 500 1000
    OWOS OWOSSO CP 500 1000
    OXGNW OXIGENE INC WTS 1000 500
    P
    PFINA P F INDS INC A 1000 500
    PFCB P.F. CHANG'S CHINA 500 1000
    PCNTF PACIFIC INTERNET 500 1000
    ICED PACKAGED ICE INC 500 1000
    PBCI PAMRAPO BNCP INC 500 1000
    PCOR PCORDER.COM INC 200 500
    PEEK PEEKSKILL FIN CP 1000 500
    PMFG PEERLESS MFG CO 500 1000
    PSFC PEOPLES-SIDNEY FIN 500 1000
    PERM PERMANENT BNCP INC 500 1000
    PFBIP PFBI CAP TR PFD 500 200
    PMORW PHAR-MOR INC WTS 500 1000
    PHLYL PHIL CONS GR PRIDE 500 200
    PHXI PHOENIX INTL LIFE 200 500
    PING PINNACLE GLOBAL GRP 500 1000
    BIGT PINNACLE HLDGS INC 200 500
    PLXT PLX TECHNOLOGY INC 200 500
    POPEZ POPE RESOURCE UTS LP 500 200
    PRSF PORTAL SOFTWARE INC 200 500
    PEGI PREFERRED EMPLOYERS 500 1000
    PCLN PRICELINE.COM INC 200 500
    PCAG PRIMACOM AG ADS 200 500
    PNBC PRINCETON NATL BNC 500 1000
    PRVT PRIVATE MEDIA GROUP 500 1000
    PRGY PRODIGY COMM CORP 500 1000
    PBCP PROVIDENT BANCORP 500 1000
    PXCM PROXICOM INC 200 500
    PSIXP PSINET CV PFD C 200 500
    CARD PUBLICARD INC 500 1000
    Q
    XING QIAO XING UNIV TEL 200 500
    QLGC QLOGIC CP 1000 500
    R
    RGFCP R&G FIN CP PFD A 500 200
    ROIA RADIO ONE INC 200 500
    RAGS RAG SHOPS INC 500 1000
    RVWD RAVENSWOOD WINERY 200 500
    RAZF RAZORFISH INC 200 500
    RLCO REALCO INC 500 1000
    RNWK REALNETWORKS INC 500 1000
    REFN REGENCY BANCORP 500 1000
    RGNT REGENT ASSISTED LI 1000 500
    RIMM RESEARCH IN MOTION 500 1000
    RTHM RHYTHMS NETCONNECT 200 500
    RSBI RIDGEWOOD FINL INC 500 1000
    RNIC ROBINSON NUGENT IN 500 1000
    ROWE ROWECOM INC 200 500
    S
    SFED S F S BANCORP INC 500 1000
    SGVB S G V BANCORP INC 500 1000
    SJNB S J N B FINANCIAL 1000 500
    SKFB S K FAMOUS BRANDS 1000 500
    STVI S T V GROUP INC 500 1000
    SAESY SAES GETTERS ADR 500 200
    SGNT SAGENT TECHNOLOGY 200 500
    SAVB SAVANNAH BNCP INC 200 500
    OKSBO SBI CAP TR PFD 200 500
    SVECF SCANVEC CO 1990 LTD 1000 500
    SCHR SCHERER HEALTHCARE 1000 500
    SCNT SCIENT CORP 200 500
    SCOP SCOOT.COM ADR 1000 500
    SCOT SCOTTISH ANN &LIF 500 1000
    SCFS SEACOAST FIN SVC 500 1000
    AIRB SELECT COMFORT CP 500 1000
    SENEB SENECA FOODS CP B 500 1000
    SEPR SEPRACOR INC 500 1000
    SRNA SERENA SOFTWARE INC 500 1000
    STCL SHARED TECH CELLULAR 200 500
    SILK SILKNET SOFTWARE INC 200 500
    SIXR SIX RIVERS NAT BK 500 1000
    NZSKY SKY NETWORK TV ADS 500 200
    SGAI SMITH-GARDNER&ASSOC 500 1000
    SECAY SOCIETE EUR ADS A 500 200
    SOFN SOFTNET SYSTEMS INC 200 500
    SNSTA SONESTA INTL A 200 500
    SJFC SOUTH JERSEY FINL CP 500 1000
    SBSIP SOUTHSIDE CAP TR 500 200
    CTLG SPECIALTY CATALOG 500 1000
    SPCH SPORT CHALET INC 500 1000
    STNV STATIA TERMINALS GRP 200 500
    SUBI SUN BANCORP INC 500 1000
    SNBCP SUN CAPITAL TR PFD 200 500
    SYPR SYPRIS SOLU 500 1000
    T
    TARR TARRAGON REALTY 500 1000
    TSCN TELESCAN INC 200 500
    TBNC THE BANC CORPORATION 500 1000
    TSCM THESTREET.COM 200 500
    TMCS TICKETMASTER ONLINE 500 1000
    TWTC TIME WARNER TELECOM 200 500
    TLXAF TOOLEX-ALPHA N V ORD 1000 500
    TJOB TOPJOBS.NET PLC 200 500
    TREVP TREEV PFD A 1000 500
    TRIH TRIAD HOSPITALS 200 500
    TSSS TRIPLE S PLASTICS 500 1000
    TRYF TROY FINCL CORP 200 500
    TUES TUESDAY MORNING 200 500
    TWED TUMBLEWEED INC 200 500
    TRBO TURBOCHEF INC 500 1000
    TUTS TUT SYSTEMS INC 500 1000
    U
    USPH U S PHYSICAL THERA 500 1000
    UBID UBID INC 500 1000
    UBSH UNION BANKSHARES C 1000 500
    UBMT UNITED FINANCIAL C 500 200
    UPCOY UNITED PAN-EUR ADS 500 1000
    USPL US PLASTIC LUMBER 200 500
    UBANP USBANCORP CAP TR 500 200
    USIX USINTERNETWORKING 200 500
    V
    VAIL VAIL BANKS INC 500 1000
    VMIX VALLEY MEDIA INC 200 500
    VADO VALLEY NATL CP 200 500
    VUSA VALUE AMERICA INC 200 500
    VARI VARIAN INC 200 500
    VSEA VARIAN SEMICOND 200 500
    VFLX VARIFLEX INC 1000 500
    VRSN VERISIGN INC 500 1000
    VLOG VIALOG CORP 500 1000
    VIGN VIGNETTE CORP 200 500
    VCAP VIRGINIA CAP BANCSHS 500 1000
    VBNJ VISTA BANCORP INC 1000 500
    VDAT VISUAL DATA CP 500 1000
    VDATW VISUAL DATA CP WTS 500 1000
    VISX VISX INC 500 1000
    VTNA VITRAN CP INC 200 500
    VSTR VOICESTREAM WIRELESS 200 500
    W
    WAIN WAINWRIGHT BK TR C 500 1000
    WATFZ WATERFORD PLC ADR UT 200 500
    WAVX WAVE SYSTEMS D9 200 500
    WEBT WEBTRENDS CORP 200 500
    WCSTF WESCAST INDS INC A 500 200
    BEEF WESTERN BEEF INC 500 1000
    WGBC WILLOW GROVE BANCORP 500 1000
    WGAT WORLDGATE COMMUNICAT 200 500
    X
    XNVA XENOVA GR PLC ADS 1000 500
    XMCM XOOM.COM INC 500 1000
    Y
    YAVY YADKIN VALLEY BK&TR 200 500