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Marc,
Actually that is one time you needed a bloodsucker. When you don't
have one then once in a while you will not get what you think you
deserve. It becomes a cost of doing business. You pay them or you
get cheaper commissions. Exercising the puts is another option but
having traded options in the past it is a rare day an option owner is
trading at a level he can actually afford to lay down the money to
exercise. That old greed factor gets us in too deep doesn't it?
Best regards,
Jimmy Snowden
mailto:jhsnowden@xxxxxxx
Sunday, February 22, 2004, 12:08:48 PM, you wrote:
mm> How about the day that I owned a boatload of OEX puts- Oct ' mini crash.(if
mm> my memory can be trusted)
mm> Here's one way they did it:
mm> At exactly 2 pm, one hour early, the CBOE just decided to close. It was the
mm> very first and only time in history
mm> that they did that.
mm> I was unable to liquidate my puts on the close, as was my plan.
mm> The very next day, get this:
mm> I wanted to sell them at the open:
mm> they were maybe 20 or 30 points in the money. They had been the CLOSEST
mm> strike, with the most volume:
mm> CBOE opened in "rotation": read: let our members cover their ass first:
mm> My option strike was opened at 9:10 am Central: I covered my puts then,
mm> about 10 points less than I could have, and, no telling what I could have
mm> got at the close: The published "closing price" was the last traded price
mm> at 2pm!!!!
mm> ----- Original Message -----
mm> From: "ian.b" <ian_b@xxxxxxxxxxxxxxxxxx>
mm> To: "Omega-List@xxxxxxx Com" <omega-list@xxxxxxxxxx>
mm> Sent: Sunday, February 22, 2004 3:27 AM
mm> Subject: [OT?] Exchanges reactions to big mistakes/manipulations?
>> Dear List,
>>
>> Last year, there were sessions with unusual movement
>> caused by mistaken orders or a unusual situation (i.e. e-mini).
>>
>> Could you send me links, notifications, explanations
>> from an exchange or a brokerage regarding trade cancellation? .
>>
>> I would like to know the way the exchanges handle this.
>>
>> Regards
>> ian
>>
>>
>>
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