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At Deadline - SOES

Traders Magazine, August 1998

John A. Byrne

On August 31, the General Accounting Office (GAO) issued its report on the Small Order Execution System. Much of the contents of the independent federal agency's report were leaked ahead of publication. Nevertheless, the definitive piece does have some surprising things to say about SOES.

"SOES day traders' ability to access Nasdaq quotes, and trade faster through SOES than market makers and their customers could trade through other systems, has provided them an advantage that they have used to profit at the expense of market makers and their customers," the GAO report stated.

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