       In 1971, the National Association of Securities Dealers (NASD)created a computerized over the counter equities market called NationalAssociation of Securities Dealers Automated Quotation (Nasdaq). Unlike theNew York Stock Exchange (NYSE) and the American Exchange (AMEX), Nasdaq isnot a physical exchange. Nasdaq is a network of more than 5,000 dealers whoare connected electronically. In 1985, the Small Order Execution System(SOES) was born under the penumbra of the Securities Exchange Commission(SEC) as a means of improving market efficiency. However, SOES did notbecome mandatory until after the crash of 1987, when it became almostimpossible to reach overwhelmed dealers, many of whom "backed away" fromthe market. Shortly after the crash, the SEC made SOES mandatory to "ensureaccess to the market by the small investor." As an offshoot, this newpolicy enabled the birth of a new type of trader, the "SOES" trader, alsoknown as "SOES Bandit."