You trade nothing but insults. I don't need to read your GODAMMED RULES don't you understand moron? I have laid out a powerful stratgey for those who want to take advantage of it, rest of the folks don't even matter to me. You specially don't put a wrinkkle on my forehead. Your are a small time sardine in a can stuffed with lots of tuna.
Its a free for all insult trading session, please excuse me, I have to show these imbeciles what it really means. Having complained to the moderator several times, had made no difference here.
For you to claim, the strategy is wrong, is ludicrous. How do you ever prove that I am wrong Mr. Knowledge? I am know more about trading SPX, than you ever will. You don't even make as much money as I do.....Clowns like you can move on, not me, I would rather bloody your stupid nose.
Xflat wrote : ZerO People love a good train wreck and day's an engineer with no expereince or skill. Why don't you just go away ? You have nothing to gain. Being pain in the ass is that what you think will work ? Has it ever worked you stupid pathetic moron of this world ?
Ok, since you talk a big game and you say that you would do stuff to me that would make me cry, I propose the following: 1) You come to NYC, time and place to be determined, and we'll see just who will be sweating bullets. 2) I will fly, at my expense, to your location, and again, we will see who's sweating bullets 3) We can meet at a mutual place, i.e. Chicago, and alas, we will see who's sweating bullets. You have no idea what I look like, or my fighting level, but if you threaten me one more time, I will make sure that your hands and your mouth won't be around to threaten myself again. You up to the challenge runt?
DEAR COWARD, In a streetfight, you won't last a minute. That is who I am. You will be cooking an omelette on the pavement.
Internet muscles.. this thread is so entertaining LOL Day's been exposed as a fraud and a phony and now he thinks he's intimidating people with internet muscles CLASSIC
Dear Clueless Day: Please find attached some more stuff for you to read in preparation for your asswhipping: Rule 8.7. Obligations of Market-Makers (a) General. Transactions of a Market-Maker should constitute a course of dealings reasonably calculated to contribute to the maintenance of a fair and orderly market, and no Market-Maker should enter into transactions or make bids or offers that are inconsistent with such a course of dealings. (b) Appointment. With respect to each class of option contracts for which he holds an Appointment under Rule 8.3, a Market-Maker has a continuous obligation to engage, to a reasonable degree under the existing circumstances, in dealings for his own account when there exists, or it is reasonably anticipated that there will exist, a lack of price continuity, a temporary disparity between the supply of and demand for a particular option contract, or a temporary distortion of the price relationships between option contracts of the same class. Without limiting the foregoing, a Market-Maker is expected to perform the following activities in the course of maintaining a fair and orderly market: (i) To compete with other Market-Makers to improve markets in all series of options classes comprising the Market-Maker's appointment at the trading station where a Market-Maker is physically present or into which a Market-Maker is quoting electronically . (ii) To make markets which, absent changed market conditions, will be honored in accordance with Rule 8.51, in all series of options classes in which the Market-Maker quotes. Each Market-Maker will communicate to the Exchange its bid and offers in accordance with the requirements of Rule 11Ac1-1 under the Exchange Act and the rules of the Exchange. (iii) To update market quotations in response to changed market conditions in his/her appointed options classes at the trading station where a Market-Maker is present or at the trading station into which a Market-Maker quotes electronically and to assure that any market quote it causes to be disseminated is accurate. A. With respect to trading in appointed classes: (1) Market-Makers who are physically present in their appointed trading station may enter quotes and orders in their appointed classes by public outcry in response to a request for a quote or, in classes in which Hybrid or Hybrid 2.0 is implemented, through an Exchange-approved electronic interface via an Exchange-approved quote generation device. (2) Market-Makers may also enter quotes and orders in their appointed Hybrid and Hybrid 2.0 classes from outside of their appointed trading stations (pursuant to Rule 8.3) through an Exchange-approved electronic interface via an Exchange-approved quote generation device. (3) Market-Makers, whether in their appointed trading stations or not, may also submit orders for automatic execution in accordance with the requirements of Rules 6.8 or 6.13. B. With respect to trading in non-appointed classes, Market-Makers may submit orders for automatic execution in accordance with the requirements of Rules 6.8 or 6.13. C. RMMs may enter quotes and orders remotely ( i.e., from outside of the physical trading station for the subject class) through an Exchange-approved electronic interface. RMMs may not quote in open outcry. (iv) To price options contracts fairly by, among other things, bidding and/or offering in the following manner: (A) Bidding and Offering in Open Outcry. With respect to all option classes traded on the Exchange, bids and offers made in open outcry shall be priced so as to create differences of no more than $0.25 between the bid and offer for each option contract for which the bid is less than $2, no more than $0.40 where the bid is at least $2 but does not exceed $5, no more than $0.50 where the bid is more than $5 but does not exceed $10, no more than $0.80 where the bid is more than $10 but does not exceed $20, and no more than $1 where the bid is more than $20, provided that the Exchange may establish differences other than the above for one or more options series. The bid/ask differentials stated above shall not apply to in-the-money series where the quote width (i) on the primary market of the underlying security, or (ii) calculated by the Exchange or its agent for various indices pursuant to Interpretation .08 of Rule 8.7, as applicable, is wider than the differentials set forth above. For these series, the bid/ask differential may be as wide as the quotation on the primary market of the underlying security or calculated by the Exchange or its agent for various indices, as applicable. (B) Opening Rotations. The provisions of Rule 8.7(b)(iv)(A) shall apply during the applicable opening rotation employed in all classes. (C) Option Classes Trading on the Hybrid Trading System and Hybrid 2.0 Platform. Except as provided in subparagraphs (i) and (ii) below, option classes trading on the Hybrid Trading System and the Hybrid 2.0 Platform may be quoted electronically with a difference not to exceed $5 between the bid and offer regardless of the price of the bid. The provisions of Rule 8.7(b)(iv)(A) shall apply to any quotes given in open outcry in Hybrid classes and Hybrid 2.0 classes. i. The $5 bid/ask differential stated in subparagraph (C) above shall not apply to at-the-money series or in-the-money series where the quote width on the primary market of the underlying security, or the quote width calculated by the Exchange or its agent for various indices pursuant to Interpretation .08, is wider than $5. For these series, the bid/ask differential may be as wide as the quote width on the primary market of the underlying security or calculated by the Exchange or its agent, as applicable. For purposes of this subparagraph (C)(i), "in-the-money series" are defined as follows: for call options, all strike prices below the offer or last sale in the underlying security (whichever is higher); and for put options, all strike prices above the bid or last sale in the underlying security (whichever is lower); and ii. The Exchange may establish quote width differences other than as provided in subparagraph (C) for one or more option series. (c) Classes of Option Contracts other than those to which appointed. With respect to classes of option contracts in which he does not hold an Appointment, a Market-Maker should not engage in transactions for an account in which he has an interest which are disproportionate in relation to, or in derogation of, the performance of his obligations as specified in paragraph (b) of this Rule with respect to those classes of option contracts to which he does hold Appointments. Whenever a Market-Maker enters the trading station for a class of option contracts located away from his appointed trading station in other than a floor brokerage capacity, he shall fulfill the obligations established by paragraph (b) of this Rule and, for the rest of the trading day, such Market-Maker may be required to undertake the obligations specified in paragraph (b) of this Rule upon determination by the Order Book Official in accordance with Rule 7.5. Furthermore, Market-Makers should not:
Rules...cont'd: (i) Congregate in a particular class of option contracts; or (ii) Individually or as a group, intentionally or unintentionally, dominate the market in option contracts of a particular class; or (iii) Effect purchases or sales on the floor of the Exchange except in a reasonable and orderly manner. (d) Market-Making Obligations in Applicable Hybrid and Hybrid 2.0 Classes The following obligations in this paragraph (d) are only applicable to Market-Makers trading classes on the CBOE Hybrid System and only in those Hybrid and Hybrid 2.0 classes. As such, this paragraph has no applicability to non-Hybrid classes. This paragraph is not applicable to Remote Market-Makers, who instead will be subject to the obligations imposed by Rule 8.7(e). Unless otherwise provided in this Rule, Market-Makers trading classes on the Hybrid System remain subject to all obligations imposed by CBOE Rule 8.7. To the extent another obligation contained elsewhere in Rule 8.7 is inconsistent with an obligation contained in paragraph (d) of Rule 8.7 with respect to a class trading on Hybrid, this paragraph (d) shall govern trading in the Hybrid class. These requirements are applicable on a per class basis depending upon the percentage of volume a Market-Maker transacts electronically versus in open outcry. With respect to making this determination, the Exchange will monitor Market-Makers' trading activity every calendar quarter to determine whether they exceed the thresholds established in paragraph (d)(i). If a Market-Maker exceeds the threshold established below, the obligations contained in (d)(ii) will be effective the next calendar quarter. For a period of ninety (90) days commencing immediately after a class begins trading on the Hybrid system, the provisions of paragraph (d)(i) shall govern trading in that class. (i) Market-Maker Trades 20% or Less Contract Volume Electronically: If a Market-Maker on the CBOE Hybrid System never transacts more than 20% ( i.e., he trades 20% or less) of his contract volume electronically in an appointed Hybrid class during any calendar quarter, the following provisions shall apply to that Market-Maker with respect to that class: (A) Quote Widths: With respect to electronic quoting, the Market-Maker will not be required to comply with the quote width requirements of CBOE Rule 8.7(b)(iv) in that class. The effectiveness of this subparagraph (i)(A) shall be in effect in each Hybrid for a period of one year commencing with the date the class begins trading on the Hybrid System. (B) Continuous Electronic Quoting Obligation: The Market-Maker will not be obligated to quote electronically in any designated percentage of series within that class. If a Market-Maker quotes electronically, its undecremented quote must be for at least ten contracts ("10-up"), unless the underlying primary market disseminates a 100-share quote, in which case the Market-Maker's undecremented quote may be for as low as 1-contract ("1-up"). The ability to quote 1-up when the underlying primary quotes 100 shares is expressly conditioned on the process being automated ( i.e., a Market-Maker may not manually adjust his quotes to reflect 1-up sizes). Quotes must automatically return to at least 10-up when the underlying primary market no longer disseminates a 100-share quote. Market-Makers that have not automated this process may not avail themselves of the relief provided herein. (C) Continuous Open Outcry Quoting Obligation: In response to any request for quote by a member or PAR Official, Market-Makers must provide a two-sided market complying with the quote width requirements contained in Rule 8.7(b)(iv) for a minimum of ten contracts for non-broker-dealer orders and one contract for broker-dealer orders. (D) In-Person Quoting Requirement: Any volume transacted electronically will not count towards the Market-Maker's in-person requirement contained in Rule 8.7.03(B). (ii) Market-Maker Trades More Than 20% Contract Volume Electronically: If a Market-Maker on the CBOE Hybrid System transacts more than 20% of his contract volume electronically in an appointed Hybrid class during any calendar quarter, commencing the next calendar quarter he will be subject to the following quoting obligations in that class for as long as he remains in that class: (A) Quote Widths: The Market-Maker must comply with the quote width requirements contained in Rule 8.7(b)(iv). (B) Continuous Electronic Quoting Obligation: A Market-Maker will be required to maintain continuous electronic quotes (as defined in Rule 1.1 (ccc)) in 60% of the series of his/her appointed class that have a time to expiration of less than nine months. The initial size of a Market-Maker's quote must be for at least ten contracts (undecremented size). If the underlying primary market disseminates a 100-share quote, a Market-Maker's undecremented quote may be for as low as 1-contract ("1-up"), however, this ability is expressly conditioned on the process being automated ( i.e., a Market-Maker may not manually adjust his quotes to reflect 1-up sizes). Quotes must automatically return to at least 10-up when the underlying primary market no longer disseminates a 100-share quote. Market-Makers that have not automated this process may not avail themselves of the relief provided herein. (C) Continuous Open Outcry Quoting Obligation: In response to any request for quote by a member or PAR Official, in-crowd Market-Makers must provide a two-sided market complying with the current quote width requirements contained in Rule 8.7(b)(iv) for a minimum of ten contracts for non-broker-dealer orders and one contract for broker-dealer orders. (iii) The obligations and duties of Market-Makers set forth in paragraphs (d)(i) and (d)(ii) apply to a Market-Maker on a per class basis and only when the Market-Maker is quoting in a particular class on a given trading day ( e.g., if on a given trading day a Market-Maker is quoting in 1 of his/her 10 appointed classes, the Market-Maker has quote width, continuous electronic quoting and, to the extent the Market-Maker is present in the trading crowd, continuous open outcry quoting obligations in that class; the continuous electronic quoting obligation in subparagraph (d)(ii)(B) applies to 60% of the series of that class that have a time to expiration of less than nine months while the Market-Maker is quoting). The obligations and duties are not applicable to an appointed class if a Market-Maker is not quoting in that appointed class. (iv) A Market-Maker that is in the trading crowd but that is not quoting electronically or in open outcry in an appointed class must provide an open outcry two-sided market complying with the current quote width requirements contained in Rule 8.7(b)(iv) for a minimum of ten contracts for non-broker-dealer orders and one contract for broker-dealer orders in response to a request for quote by a member or PAR Official directed at that Market-Maker or when, in response to a general request for a quote by a member of PAR Official, a market is not then being vocalized by a reasonable number of Market-Makers. A Market-Maker may also be called upon by an Exchange official designated by the Board of Directors to submit a single quote or maintain continuous quotes in one or more series of a class to which the Market-Maker is appointed whenever, in the judgment of such official, it is necessary to do so in the interest of maintaining a fair and orderly market. (e) Obligations of Remote Market-Makers (RMMs): The following obligations apply only to RMMs: (i) An RMM must provide legal-width, continuous electronic quotes (as defined in Rule 1.1 (ccc)) in 60% of the series of its appointed class that have a time to expiration of less than nine months. The initial size of an RMM's quote must be for at least ten contracts (undecremented size). If the underlying primary market disseminates a 100-share quote, an RMM's undecremented quote may be for as low as 1-contract ("1-up"), however, this ability is expressly conditioned on the process being automated ( i.e., an RMM may not manually adjust its quotes to reflect 1-up sizes). Quotes must automatically return to at least 10-up when the underlying primary market no longer disseminates a 100-share quote. RMMs that have not automated this process may not avail themselves of the relief provided herein.
The obligations and duties of an RMM set forth in this paragraph (e)(i) apply to an RMM on a per class basis and only when the RMM is logged on to the CBOE Hybrid system and quoting electronically in a particular class on a given trading day ( e.g., if on a given trading day an RMM is logged in and quoting electronically in 1 of its 10 appointed classes, the RMM has quote width and continuous electronic quoting obligations in that class; the continuous electronic quoting obligation applies to 60% of the series of that class that have a time to expiration of less than nine months while the RMM is logged on to the CBOE Hybrid system and quoting electronically in that class). The obligations and duties are not applicable to an appointed class if an RMM is not logged in and quoting electronically in that appointed class. (ii) An RMM may be called upon by an Exchange official designated by the Board of Directors to submit a single electronic quote or maintain continuous electronic quotes in one or more series of a class to which the RMM is appointed whenever, in the judgment of such official, it is necessary to do so in the interest of maintaining a fair and orderly market. (iii) All Exchange rules applicable to Market-Makers will also apply to RMMs unless otherwise provided or unless the context clearly indicates otherwise. RMMs are not considered trading crowd members, except as provided in Rule 8.60 (Evaluation of Trading Crowd Performance) or unless the context clearly indicates otherwise. (iv) The evaluation of RMM performance shall be pursuant to Rule 8.61. (v) Failure by an RMM to engage in a course of dealings as specified above will subject the RMM to disciplinary action or suspension or revocation of registration by the Exchange in one or more of the option classes in which the RMM holds an appointment. (vi) RMMs shall maintain information barriers that are reasonably designed to prevent the misuse of material, non-public information with any affiliates that may conduct a brokerage business in option classes allocated to the RMM or that may act as specialist or Market-Maker in any security underlying options allocated to the RMM, and otherwise comply with the requirements of Rule 4.18 regarding the misuse of material non-public information. Amended September 1, 1973; February 1, 1974; August 15, 1974; November 15, 1974; January 1, 1975; March 22, 1977; January 11, 1979; June 1, 1979; April 1, 1981; January 30, 1987; September 9, 1988; June 13, 1989 (89-04), effective July 24, 1989; December 2, 1997 (97-61); August 7, 2000 (00-07); May 30, 2003 (02-05); August 22, 2003 (03-28); January 29, 2004 (03-50); April 21, 2004 (04-20); June 25, 2004 (04-36); July 26, 2004 (04-44); August 17, 2004 (03-39); March 14, 2005 (04-75); March 24, 2005 (04-58); August 16, 2005 (05-56); February 6, 2006 (06-12); February 14, 2006 (06-16); July 5, 2006 (06-57); amended July 31, 2006 (05-93); January 23, 2007 (06-92); June 7, 2007 (06-101). . . . Interpretations and Policies: .01 Price continuity is an ongoing obligation of Market-Makers and thus applies not only intra-day but also from one day's close to the next day's opening. .02 Market-Makers are expected ordinarily: (a) Except in unusual market conditions, to refrain from purchasing a call option or a put option at a price more than $.25 below parity. In the case of calls, parity is measured by the bid in the underlying security, and in the case of puts, parity is measured by the offer in the underlying security. (b) Not to bid more than $1 lower or offer more than $1 higher than the last preceding transaction price for the particular option contract, plus or minus the aggregate change in the last sale price of the underlying security since the time of the last preceding transaction for the particular option contract. This provision applies from one day's close to the next day's opening and from one transaction to the next in intra-day transactions. With respect to inter-day transactions, this provision applies if the closing transaction occurred within one hour of the close and the opening transaction occurred within one hour after the opening. With respect to intra-day transactions, this provision applies to transactions occurring within one hour of one another. The provisions of this Interpretation subparagraphs (a) and (b) may be waived by two floor officials in an index option when the primary underlying securities market for that index is not trading. Issued April 15, 1973; amended January 30, 1987; amended September 23, 1991 (91-07). .03 For purposes of Rule 8.7, the following percentage requirements apply to Market-Maker trading activity for each quarter of a calendar year, except for unusual circumstances as determined by the appropriate Market Performance Committee. The appropriate Market Performance Committee may assign a weighting factor based on volume to one or more classes or series of option contracts in connection with these requirements. A. Trading in Appointed Classes: Respecting distribution of trading activity, at least 75 percent of a Market-Maker's total contract volume must be in option classes to which he has been appointed pursuant to Rule 8.3. Trading in nonappointed classes of options at the request of a Floor Official, Order Book Official, Board Broker or DPM shall be deemed to be trading in appointed classes for purposes of this Interpretation. B. In-Person Requirements for Market-Makers in non-Hybrid and Hybrid 3.0 Classes: Respecting the manner in which Market-Maker transactions may be executed in non-Hybrid and Hybrid 3.0 classes, a Market-Maker must execute in person, and not through the use of orders, at least 25 percent of his total transactions, provided, however, that for any calendar quarter in which a Market-Maker receives Market-Maker treatment for off-floor orders in accordance with Rule 8.1, in addition to satisfying the requirements of paragraph A of this Interpretation .03, the Market-Maker must execute in person, and not through the use of orders, at least 80 percent of his total transactions. The off-floor orders for which a Market-Maker receives Market-Maker treatment shall be subject to the obligations of Rule 8.7(a) and in general shall be effected for the purpose of hedging, reducing risk of, rebalancing or liquidating open positions of the Market-Maker. The appropriate Market Performance Committee may exempt one or more options classes from this calculation. Issued August 15, 1974; amended June 1, 1984 (80-16); January 30, 1987 (86-34); May 25, 1994, effective July 1, 1994 (93-19); December 2, 1997 (97-61); March 14, 2005 (04-75); March 24, 2005 (04-58); June 7, 2007 (06-101). .04 The obligations of a Market-Maker with respect to those classes of option contracts to which he holds an Appointment shall take precedence over his other Market-Maker obligations. Issued August 15, 1974; amended April 1, 1981; January 30, 1987. .05 Unless an options class is exempted by the appropriate Market Performance Committee, under normal market conditions a Market-Maker's bid or offer for a series of options of unspecified size is for five contracts, except that a Market-Maker may be compelled to buy or sell a specific number of contracts at the disseminated bid or offer pursuant to his obligations under Rule 8.51. Adopted January 30, 1987; amended June 13, 1989 (89-04), effective July 24, 1989; December 2, 1997 (97-61); August 17, 2004 (03-39). .06 By making a verbal bid, a Market-Maker is also making an offer at the spread allowable under Rule 8.7(b)(iv). By making a verbal offer, a Market-Maker is also making a bid at the spread allowed under Rule 8.7(b)(iv). Adopted January 30, 1987. .07 Additional Obligations for Classes in Which CBOE Hybrid System is NOT Implemented: (a) Market-Makers are expected to participate in and support Exchange sponsored automated programs, including but not limited to the Retail Automatic Execution System and AutoQuote. AutoQuote is the Exchange's electronic quotation system that automatically monitors and updates market quotations using a mathematical formula measuring certain characteristics of the option and the underlying interest. The formula for generating automatically updated market quotations requires the input of certain components including an option pricing calculation model, volatility, interest rate, dividend, and the measure used to represent the value of the underlying. (b) For those classes in which a DPM, LMM, or SMM has been appointed, the responsibility to determine a formula for generating automatically updated market quotations is done by either the DPM pursuant to Rule 8.85(a)(x) or the LMM or SMM pursuant to Rule 8.15. The DPM, LMM or SMM may choose to use either the Exchange's AutoQuote system or a proprietary automated quotation updating systems to monitor and update market quotations. For those options classes in which a DPM, LMM, or SMM has not been appointed, the appropriate Exchange Committee may appoint one or more market-makers in good standing with an appointment in the particular option class to determine a formula for generating automatically updated market quotations for a particular period of time using the Exchange's AutoQuote system or a proprietary automated quotation updating system.