http://www.thememoryhole.org/corp/finance/sec_amex_report.htm See link. RedMan: You are on the right track to get pissed about this issue. The link above shows how the SEC knew that option arbitrageurs were the recipients of at least hundreds of thousands of SEC Firm Quote violations. The U.S. options exchanges chose not to honor quotes because they didn't want arbitrage between the option exchanges. The SEC actually caught one of the U.S. option exchanges red-handed in falsifying reports to the SEC to cover up the issue. The SEC still did nothing! The SEC will actually attack and repel the *public*, whom they are charged with protecting, in certain circumstances where it will assist larger financial institutions. Nevertheless, as they said in "Animal House", "don't get mad, get even." The SEC cannot repel the public in a court of law. The lawyers representing the option arbs just got a final judgement against the U.S. option exchanges for $43 million - on antitrust grounds. The arbs suffering the SEC Firm Quote violations have their own, unique lawsuit where they are likely to recover millions more.