      In the early 1990s, spreads were wider, and there were very few SOEStraders utilizing this strategy. With little or no experience or backgroundin equity trading (or the financial markets in general), many SOES traderswere making in excess of $1,000,000 per year with as little as $100,000 intrading capital. Fundamental and technical analysis were rarely used. Thesoftware used to monitor the markets was rudimentary and lacked decisionsupport, risk management, and account management tools. Orders were shoutedacross the trading desk to order entry clerks, who then entered orders intoa Nasdaq workstation and verbally confirmed executions. During this period,the