      In the Nasdaq over the counter market, there are a number of ways toexecute a trade. I will begin with Nasdaq's execution systems, SNET andSOES. SNET is a way for traders to send orders to or "preference" marketmakers or ECNs. Traders can either preference a single market maker or ECNor "broadcast" to an entire level of market makers. When "broadcasting" tomarket makers via SNET, there is no preset time limit in which marketmakers must respond. When "preferencing" a market maker via SNET, themarket maker has 15 seconds to accept or decline the order. In either case,traders must wait 10 seconds before canceling a SNET order. Whenpreferencing an ECN, the execution is not automatic. The ECN has 10 secondsto accept or decline an order. For traders who can access ECNs directly,order execution is automatic (if the trader is "first in line" and there isa counterparty at the same price).