S&P Options on Futures vs OEX options

["RobertBu" <Robertbu@xxxxxxxxxxxxx>]

I trade S&P futures and options on S&P futures.  Another trader and
I were having an email discussion about the merits of various instruments,
and, having never traded OEX options, I became puzzled contrasting the
S&P options on futures with OEX options.  At first blush, it seemed that
S&P options on futures were superior, but with 20 million OEX contracts
traded last year, there must be some strong positives.

Q1: What is the cost of building a comparable positions in each?  Given
the ratio, at first blush it seemed OEX options were more expensive, but
an email this week hinted that the fees were substantially less for OEX
options.  True?

Q2: With no underlying, how does the market maker for OEX options
stay neutral?

Q3: Is there arbitrage going on between the S&P options and the OEX
options or do the two get out of sync?

Q4: Given that futures tend to lead the cash, are there opportunities with
OEX options or is the market maker good at pricing?

Q5: Are there any significant differences between the two instruments that
I may be missing?

== Rob ==