pabst, I agree with you on some of the bond and currency options where spreads are mostly traded (some exchanges have made spread matrices to tackle this with mixed success). however for stock options, the benefits of electronic trading outweigh the cons. The biggest issues of all is the matter of transparancy, equal access, and price time priority - regardless of size. All of these are better addressed on an electronic medium. I'll add that the rules of the medium have to be put in place to protect the rights mentioned above. Nasdaq was always an electronic market place but the rules favoring the market makers made it a poor place to trade. The ECN's came along and offered fairness and have forced the NASDAQ to adjust. Things have gotten better with he multiple listings of options in the states but there is still a long way to go.