Mentioned above, I would like to know if this rule still exist? Many Thanks!! Rules of the Chicago Board Options Exchange * * * * * Rule 6.8A. [Electronically Generated and Communicated Orders] Reserved [(a) Members may not enter, nor permit the entry of, orders into the Exchangeâs Order Routing System if those orders are created and communicated electronically without manual input (i.e., order entry must involve manual input such as entering the terms of an order into an order-entry screen or manually selecting a displayed order against which an off-setting order should be sent), and if such orders are eligible for execution on RAES at the time they are sent.
It's been eliminated. You can see the current rules here: http://cchwallstreet.com/CBOE/Rules/ It says: Rule 6.8A. Reserved Approved September 12, 2000 (00-01); amended October 3, 2002 (02-56); January 12, 2005 (04-91).