Discussion in 'Options' started by gerico, Apr 5, 2003.

  1. ktm


    It's all about how the exchanges (and the gov't for that matter) want you, the paying consumer, to behave. With more fees, there is disincentive to do something. With tax credits or deductions, there is incentive to participate in those things eg., home ownership etc... Change the incentives to create the desired behavior.

    The exchanges may run all the little guys out. I don't think that serves them. They are in business to make money like everyone else, so we'll see how it all plays out. They could be hanging themselves.
    #21     Apr 7, 2003
  2. qdz3


    But it is absolutely ILLEGAL for brokers not to provide itemized billing information. Lawyers and consumer activists are happy to make easy money on this. For me, I don't really care, whether they provide it or not since I am not gonna let them charge (or hence credit) me at all. I am getting out of this kind of shitty market. But it would be happy to see happy lawyers take a huge chunk off their a88hole profits. a88holes and elbows continuing in the shitty market, keep your receipts and you may be getting a refund in the near future.


    #22     Apr 7, 2003
  3. gerico


    ktm, you're right, I know all that.
    Anyway if they don't want us trading anymore, maybe there are other ways than imposing cancel/modification fees...
    #23     Apr 7, 2003
  4. gerico


    as I've said before, we're not making ANY accusation to anyone, nor legal fight. We're just reporting what is happening.
    Considering this, we must keep our language polite.
    Eventually even the tone of the SEC letter should be softened, maintaining the subject clear.

    #24     Apr 7, 2003
  5. gerico


    It seems that complaints about commissions and fees are ranked FIRST on the SEC site:

    See also:

    Moreover the email address that we used in the letter is exactly what was indicated:


    #25     Apr 7, 2003
  6. and the SEC have made an error in allowing these fees on ANY cancel. At minimum they should have at least set some time frame on charging fees. In other words if one cancels an order (or modifies) at 9:45 and another later in the day at 2:00... why should that incur any fees??! Why! The stated reason for this b.s. was that too many were/are abusing the system with frequent/multiple cancel/modifies (yet we all know that is not the true reason)!

    And is "abusing" then... trying to get a better price?????

    ADD that to the letter you send.

    Basically this is "legalized blackmail" and all thanks to the do-nothing, mainly corrupt SEC! They know it and any options trader should know it... and SHOULD write to the SEC and the exchanges!

    And remember guys, you can cancel ANY number of trades on the underlying with impunity!! Meaning: NO FEE.

    WHY is that, SEC?

    #26     Apr 7, 2003
  7. qdz3


    Please speak with them as I did. Thank you.


    From:"marketreg" <marketreg@SEC.GOV>
    Subject: RE: Order cancellation/modification fees
    Date: Mon, 7 Apr 2003 16:06:01 -0400

    Dear Sir or Madam:

    The Division of Market Regulation, U.S. Securities and Exchange Commission,
    has received your Internet e-mail message. We would be pleased to speak
    with you. We ask that you provide us with your telephone number and approximate hours of availability so that we may better serve you. You may also reach us at 202/942-0069.


    Division of Market Regulation
    #27     Apr 7, 2003
  8. gerico


    I've received this message from the SEC, too, and have already replied. Let's see what they say.

    #28     Apr 7, 2003
  9. qdz3


    The lady I spoke with said they are in the process to launch a formal investigation against both legamacy of the fees and the billing process . They need more witnesses.


    #29     Apr 7, 2003
  10. qdz3


    Patriots don't let any criminal work away.

    #30     Apr 8, 2003