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Small-order execution system
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Small-order execution system : ウィキペディア英語版
Small-order execution system

The Small-Order Execution System (SOES) was a system to facilitate clearing trades of low volume on NASDAQ. It has been phased out and is no longer necessary.
==Establishment==
SOES was first introduced in December 1988 for 25 stocks.
The lack of liquidity after the 1987 market crash led NASDAQ to implement a mandatory system (since June 1988) to provide automatic order execution for individual traders with orders less than or equal to 1000 shares. (For stocks with low volume, it may be less than 200 shares). Market makers must accept SOES orders and so this provides excellent liquidity for smaller investors and traders.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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