Thanks for the responses so far. Is the SPY cash settled? If so, I probably will just use the SPY. MTE you mentioned that the quoted prices are wide but it's possible to get better prices. How do I know for sure if I enter a position that I'll be able to get out a decent price? This market seems a bit rigged to me. When is the SPX going to switch over from the open outcry system to electronic?
No, SPY is not cash-settled, it has physical-settlement. You don't know for sure that you would be able to get out at "decent" prices, but if you are not greedy then you should be able to get a reasonable price. The question is not why SPX is gonna switch from open outcry, but what took them so long to do it?
I know it's supposed to happen in Q1 2011 but does anyone know what the target date for the C2 listing is?