Exchange. You can't BTO and STO on the same strike unless you are a pro cust. Under CBOE Rule 6.8C, Prohibition Against Members Functioning as Market-Makers, TPHs may neither enter nor permit the entry of customer orders into the Exchange's electronic Order Routing System if (i) the orders are limit orders for the account or accounts of the same beneficial owner(s) and (ii) the limit orders are entered in such a manner that the beneficial owner(s) effectively is operating as a market maker by holding itself out as willing to buy and sell such securities on a regular or continuous basis.
Bob, my understanding is you can if you route a bid to one exchange and an offer to another. Is that how you understand as well?
Yes, if the broker OMS allows it. Some don't as it is harder to code and your order can be rerouted to another exchange and you can trade with yourself or end up still on both sides. BTO and STC is also allowed but also hard to code so many brokers do not allow it to be compliant. A professional customer can make 2 sided markets, but still some brokers do not allow it. Compliance is more important than commissions.
FN: And of course, if you're trading multiple accounts, *each*of* those accounts must carry pro status.
?? Why is that? I’m not talking about pro market data fees. I’m referring to Professional customer status from excessive orders.
Which was my point. (Suddenly in the background, the sound of The Byrds is heard....) To everything, churn, churn, churn...." [Now there's an earworm for ya.]
here is the answer to the question not asked, why compliance is more important. , the US has the highest incarceration in the world, more than china and russia, At 145 per 100,000, the imprisonment rate of England and Wales is at about the midpoint worldwide. Prison population - BBC News news.bbc.co.uk/2/shared/spl/hi/uk/06/prisons/html/nn2page1.stm the US rate is 5X the UK. it is nothing to brag about and the streets are safer in the UK.
I was responding to your question about option rules that i’m very familiar with. I’ll pass on any political discussions.