Def, My wording was clumsy. What I meant by that was ...the large option market making firms existing structure on the floors could not survive in a level playing field...
no problem, typing/english doesn't seem to be my forte either. I won't argue with your comments. It is no different than the nasdaq market making firms that lived off of order flow and are now trying to figure out how to adapt to decilmization.
I had come to this board to find info on this exact subject. My first job was on the pcoast. I have noticed many familar names go off the membership rolls in the last six months. It seems many traders on this board rate them highly compared to the other floor based exchanges. After trading on the CBOE, I would agree. Recent thoughts had me considering returning to market making, but I think waiting for the BOX is a better idea.
Some of you guys are so sorely mistaken and so clueless. Be very careful what you ask for, you may get it. I wish those of you who are posing as informed insiders and ex market makers could hear how ridiculous you sound. Mr. Weissman you are not included in this list. Gotta go, I'm in the process of interviewing "exotics clerks", for my, "small boutique firm". I'm planning on paying them 100K. Your friend, Evil floor trader who abuses customer orders and never honors posted markets because he's a greedy stupid bastard.
brave, Make sure that someone turns off the lights when you leave the floor the last time. I guess an exotics clerk will do.
what we want is exactly what we are getting. It is a slow process but we are finally getting better access to the option customer order book. More auto executions! Look at what William Brodsky of CBOE said recently, "While we had pioneered that in the area of retail order flow," he allows, "the truth is, we weren't showing that to the world." Referring to other promised, but unspecified, technological enhancements, he adds: "Watch us over the next several months. Mark my word." The day after this article appeared the CBOE finally rolled out ABP to all equity options. I also expect the PHLX to do the same sometime in the third quarter of this year. The longer each "manual" floor Exchange waits to implement better/fairer auto-x systems the larger the hole they are digging for themselves. You sound so bitter and you also refuse to provide ANY details to your argument. I wonder if that is becasue you have NO argument and you know you will NEVER get what you floor guys once had. This is how some react when they know they are WRONG.....
Remind us what ABP is again? I passed on trading EASI options yesterday as they only trade on the CBOE, PHLX and AMEX. Should I be using CBOE as a third choice now that ABP is on? thanks
ABP - Automated Book Priority It means that if there is a customer order on the best bid/ask and the market is NOT locked/crossed then you will be able to trade against this order via the CBOE's RAES system. Generally these are the best type of orders to trade as the spread in the marketplace tends to be tightest when a customer order is in the book. As for a "routing order" - I would say only this, that every Exchange is different and within each Exchange there can be differances how orders are handled. Everything being equal, the BEST route is: 1) ISE 2) PSE 3) CBOE 4) PHLX 5) AMEX