The trading profits of SOES bandits
研究利用纳斯达克小单执行系统进行日内交易的个体投资者（SOES强盗），发现他们每笔交易利润虽小但交易频繁，通过抢先做市商报价获利，且因自负盈亏而比做市商员工更有交易动力。
SOES bandits are individual investors who use Nasdaq's Small Order Execution System (SOES) for day trading. Their average profit per trade is small, but they trade dozens or hundreds of times per week. Bandits usually establish a position before most market-makers have updated their quotes, and lay off the position at favorable prices through Instinet or SelectNet. It is noteworthy that they trade profitably with market-makers despite having less information. Bandits keep the profits and bear the losses from their trades. Thus they have greater incentives to trade well than the employees of market-making firms.