Best Options Exchange (Poll)

Discussion in 'Options' started by luh3417, Feb 10, 2006.

Best options exchange?

Poll closed Apr 11, 2006.
  1. AMEX

    1 vote(s)
  2. BOX

    7 vote(s)
  3. CBOE

    7 vote(s)
  4. ISE

    11 vote(s)
  5. PHLX

    0 vote(s)
  6. PSE

    0 vote(s)
  7. All the same

    2 vote(s)
  1. luh3417


    Do you prefer to route your options trades to a specific exchange?

    After voting in the poll, do post any comments as to why.
  2. Here ia a negative, PHLX sucks. I remember from my InteractiveBroker days, cancel orders to PHLX would sit forever (or at least it felt that way).
  3. ISE - very liquid - often fills between Bid/Ask, sometimes even fills orders buying @ Bid or Selling @ Ask. Fast cancels, cancel/replaces.

    BOX - second to ISE - offers penny executions (through IB), just as good as ISE for liquid options - slightly worse for illiquid ones. Fast cancels, cancel/replaces.

    CBOE - do not expect any fills between Bid/Ask. Does have the most liquidity of the remaining exchanges though. Moderate speed to cancel, cancel/replace.

    PHLX, PSE, AMEX - Never, never send any order there. Very little liquidity. It will NEVER fill between Bid/Ask, sometimes take long time to cancel orders. Slow to cancel/replace orders.
  4. luh3417


    And I thought I was being SMART by selecting SMART routing and having it end up at PHLX...
  5. Most of my trading was to the BOX and I was pip'ed so often that it nearly covered all of my IB commissions....
  6. PHLX used to have a rule that once an order got to them, you couldn't cancel it for 2 minutes.
  7. wonder what case can ib make to justify its preference to route orders to philly...

    traders best interests? :confused: :p
  8. Hoi


    THAT list is not complete, and shows only the worst Options-exchanges in the world....

    For the best Options exchanges you have to go out-side America...look at LIFFE-FTA (Amsterdam-model) and KOSPI....that are the best exchanges a trader can dream of... No protective MarkerMaker models...No empty screens...etc, etc.

    Maybe sometime in future, the American-exchanges implement the Amsterdam-model as well...but I doubt it will be soon (the MarketMarkers will not allow it).
  9. luh3417


    Hoi: Intriguing. Do any of the direct access brokers reviewed at elite trader give us access to LIFFE-FTA or KOSPI?

    I'd also like to see is penny pricing, but I think PSE dropped that after they got bought, and BOX is as close as it gets. Surely the US Market Makers hate the idea too, even though they're totally computerized. IB was hemming and hawing against it too as I recall from a press release.
    #10     Feb 12, 2006