You're definitely not "wrong." We have to wait for the liquidity, method of trading, and access issues to be sorted out. It is my understanding that the likes of Hull Trading, Timber Hill, and the rest of the big boys will be the initial players (much like the ISE), and they are all excellent traders and theorists, and won't be letting too many freebies out. As far as B/D's vs. customers, I can say with a great degree of confidence, that these new vehicles will not be much of a benefit to customers at the beginning. I don't think the brokerages will be "pushing" them, or even allowing them (without tight restrictions) in a retail "day trading" account...at least for a while. Whenever we have new products, it takes a while for the brokers to even understand the valuations (i.e. "how much does one S&P contract cost?" is something that I am asked all the time). It will be fun, as all new products usually provide.