Order Splitting

What does it mean?
When brokers split up larger orders to qualify them for the Small Order Execution System (SOES) and, therefore, have them automatically executed.

In Other Words...
SOES is for individual traders with orders less than or equal to 1000 shares. The practice of order splitting is prohibited on the Nasdaq.

Related Links
Electronic Trading Tutorial - Learn about the systems that run the market. Topics include market makers, specialists, SuperDOT, ECNs, SOES, Level I, II, and III Access, and more.

Related Terms
Nasdaq | Order | SOES

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