I would just like to say I have been trading the OEYCH calls on the OEX for the past 2 days and the fills have been prompt and I have even been filled better than my limit order twice today. So I suspect there is an honest MM here and thought it's worth a comment..
Are you trading any size? No. I usually trade 1 to 6 contracts. So are you saying that there is not a specific MM for each contract? My experience has been that each contract seems to trade somewhat differently therefore I assumed that different individual MM's were likely the reason.
I'm not an expert by any means, so someone correct me if I'm wrong. I've in the OEX pit myself, and actually met the guy that faciliates my orders from my broker (think or swim). When an order came in that was marketable, he would yell out, and thus the price discovery began. If you watch CBOETV, they film the afternoon segments in the OEX pit every day, so you can kind of see whats going on sometimes in the pit.
CBOETV....OK I will check it out. Thanks. Do you think your broker's guy on the floor would take orders for any OEX option contract that you would place?
As far as I know all the orders go through him only. He handles other brokers as well. That doesn't seem possible as there are many, many orders going in almost simultaneously. Consider 15-20 call contracts and the same number of put contracts and that just for March. I don't think one man would have a chance at handling all that. It would be nice to know just how it works.
Well, like I said, I might be wrong. I don't think its as busy as you think. I was there for an hour or so and most people were just jacking off and reading newspapers. If anyone else can provide some insight, that'd be great. I'd be curious to know if my assumptions are correct.
Keep in mind, he's not running the pit, only representing just a handful of brokers. THe institutional paper have their own guys representing them.