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Cancel and replace in the OEX can now be done electronically via the e book
assuming your brokerage house used the e book in the first place. C/R orders are
not a big deal with an electronic book......with a physical book the are absolutely
a challenge.
I have one additional question. I understand how a broker could miss a fill in the
OEX, but a broker could never miss a scalp. Brokers can't scalp on the CBOE.
Agency trades only.
A.J. Carisse wrote:
> Mark&TC wrote:
>
> > Peter,
> >
> > I clerked for a market maker in the OEX pit. I watched the floor brokers,
> > and the fact is that every time they get a new order they have to rifle
> > through their deck which takes time and their attention, and maybe a
> > possible missed execution of a order...or a missed scalp on a
> > trade...that's the real issue...so my rebuttal stands.
>
> This is scary stuff - even the NYSE has SuperDOT - goes to show you how bad
> this 19th century process can get. Shuffling through papars - good Lord! I'll
> never complain again about the few seconds it takes me to replace orders.
>
> A.J.
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