Small order execution system

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    The small order execution system (SOES) was a clearing system used to automatically execute small volumes of NASDAQ trades, mainly for small-cap securities. It has been largely phased out now.

    SOES was aimed at individual investors trading small numbers of fast-moving NASDAQ-listed stocks and it enabled them to bypass the brokersOrders were usually for under 1,000 shares and market makers had to accept them. A key attraction was the liquidity it offered small investors and traders.

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