The elimination of the presumption is effective immediately. Background And Summary SOES was developed in 1984 to provide a simple and efficient means to execute the small agency orders of public customers at the inside quote.
Trading is done automatically and is negotiation-free.
The ASR now allows Market Makers to display the actual size of their trading interest in their quotes and replaced previous mandates that Market Makers display a minimum share size equal to the SOES order size of the quoted security. Given the SEC s concerns about the practicability of rebutting the presumption, and the ASR's removal of artificial mandatory minimum quote increments which now increase the ability of Market Makers to manage their exposure to automatic order execution, Nasdaq has determined to eliminate the presumption. Inc. The elimination of the presumption changes only the procedures for enforcing the rule, and makes no changes to the rule's substantive mandates. In short, the splitting of larger orders into smaller parts to obtain SOES access remains prohibited. Endnotes 1 See SEC Release No.