Amen to dat... Apparently (so I am told by one of the brokers I talk to), it was hard to get a price, 'cause the striking locals were spamming the mkt-makers with RFQs. Sorta like a DoS attack for Eurodollar options trades, imagine that!
While I am not inclined to support someone who is making money off of me, I think they have a valid point. My 2 cents would be an open market would eliminate them also. I have no illusions that these guys or the guys at the NYSE are there to benefit me, they are out to make money. Not a problem, but don't cry me a river when someone nails you. Come up with an alternative that makes me and the rest of the market want to go with you and we all come out ahead. Other wise go join a whiney ass union and go fuck yourself. I am tired of people thinking they deserve something more than me. I work my ass off just like they do, and cry me a river if they chose to pay more for that priviledge in this day and age. I pay for a connection, computers, commissions, etc. My prices for all those are worse than them, and I don't necesarrily get to deduct those expenses. My opinion, bring it on both sides, and let the best man win. I am willing to go toe to toe with you Chicago pansies, and NY pussies anyday everyday. Been a long week, so take it for its worth, I'll by you a beer at the end of the week. I love competition! And I enjoy my counter parts! America is the best, but when the pols get bought and buy into crap then we are at war with free enterprise, and I am on the side of free enterprise everyday. I will adapt though, and kick you pricks who buy an advantage instead of having a real advantage.
There is none more outraged than the cheat cheated or the thief stolen from. True Chicago is a rigged game that changes the rules so the exchange members don't lose - ask the Hunt brothers. Oh yeah, and check how the supposed investor fund protection is made to look like you have SIPC type protection when in reality they can use your funds to cover the losses of another account - no going after the assets of the broker to cove it, CUSTOMER funds. Triple F' em
Yea, I have no illusions of protection in my futures account, and minimal in my equity account. I put in what I want to trade and ultimately what I can kiss goodbye. I don't trade anywhere near minimum margins, but I don't add any extra either. I have faith in myself and not in any firm that will save their own ass at my expense in the long run. I'll take a hit I don't like if I get screwed, but I'll have enough left to make their lives miserable too.
Well, there is no way on God's green green earth that locals would have made a market for 215K contracts within a tic of the quoted 'bid-ask' spread at the time. The locals would have raced the order and tried to make the broker representing the liquidity taker pay up more.