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For those of who trade options be aware that effective on June 22 CBOE
instituted a step up policy for RAES orders in multiply listed option
classes.
In circumstances where a better bid(sell) or better offer(buy) for the
option exists on another exchange, instead of the RAE system "kicking
out" the order to a floor broker the system will automatically match the
better price and fill the order assuming the better order is no more
than 1 tick away. A tick is 1/16 for options under $3 and 1/8 for
options over $3.
If you have specific questions about any series you should discuss those
with the brokerage house that executes your business.
There is also an upgrading of RAE in multiply listed option classes that
will allow -- on a listing by listing basis -- a 20 up market. This is
as opposed to the conventional 10 up market for conventional listings.
Again to be certain, you should discuss the ability of your individual
brokerage house to access these upgrades, directly with them.
Again these upgrades apply to multiply listed classes only.
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