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AN INDEX DOESN'T TRADE UNLESS 80% of it's capitalization is open. In 1987 IBM
was over 20% of the S & P so you had to close if IBM closed(as in 10/87). If a
component doesn't open on exp. Friday you open the index but settle to that
components previous day close.
TRaffertu wrote:
> In a message dated 4/27/98 11:10:30 PM Eastern Daylight Time,
> droex@xxxxxxxxxxxx writes:
>
> > CBOE SYSTEMS WERE DOWN AT THE OPENING TODAY>The mainframe was
> > down 22 minutes and all systems weren't fully open for about the
> > first hour. Accordingly the opening VIX values are actually post
> > opening numbers.
>
> Hi Doc,
>
> Was this the reason I could not get a quote on OEX puts during that
> time or was it because the market was moving so fast they could not get them
> opened
>
> This brings up another question: During that time many Dow
> components and probably others where not open. If components of an index are
> not open can options on the index trade?
>
> Good luck and good trading,
> Ray Raffurty
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