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Re: Is RJ Obrian out of bussiness?



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Hi Ira
<br>What's a 3% factor?? Murphy's Law?? :)
<p>Regards
<br>Gary
<p>Ira Tunik wrote:
<blockquote TYPE=CITE>The 3% factor at work again.&nbsp; Ira.
<p>RAY RAFFURTY wrote:
<blockquote TYPE=CITE><style></style>
There have been power outages in
Chicago, including the CBOE.&nbsp; That may be the problem.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Good luck and good trading,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ray Raffurty
<blockquote 
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<div style="FONT: 10pt arial">----- Original Message -----</div>

<div 
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><b>From:</b>Andrew</div>

<div style="FONT: 10pt arial"><b>To:</b> realtraders@xxxxxxxxxxxx</div>

<div style="FONT: 10pt arial"><b>Sent:</b> Thursday, August 12, 1999 12:04
PM</div>

<div style="FONT: 10pt arial"><b>Subject:</b> Is RJ Obrian out of bussiness?</div>
&nbsp;<font size=-1>One of my brokers is RJ Obrian.&nbsp; and their phone
lines have been down all morning.All of them.&nbsp; The sp floor, general
lines, and several desks that I work with all dead.Even the main sales
line is dead.</font> <font size=-1>Are they out of business?&nbsp; I thought
it was the phone lines, but I can get my back up broker and he is at the
cme also and is a stones through away from the RJ obrian desk, so it is
not the phone lines in Chicago.</font>&nbsp; <font size=-1>Anyone know
what is going on?</font> <font size=-1>Andrew.</font> <font size=-1>Ps.</font></blockquote>
</blockquote>
</blockquote>

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</x-html>From ???@??? Thu Aug 12 18:59:55 1999
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Date: Thu, 12 Aug 1999 17:32:27 -0500
From: THE DOCTOR <droex@xxxxxxxxxxxx>
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To: ROBERT ROESKE <bobrabcd@xxxxxxxxxxxxx>
CC: Dick Crotinger <dangle@xxxxxxx>, kohath <kohath@xxxxxxxxxxxxx>,
        realtraders@xxxxxxxxxxxx
Subject: Re: OPTN: How can they do that?
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Robret,

You may chose to believe whatever you want...but you were lied to.  RAES is
driven by the autoquote system...that is correct.  The crowd can change the
bid/ask, but there is no feature built into the RAEs system to automatically
change the b/a after a trade has hit.  Insider or not the answer you got was
pure bullshit.  You should be aware, however that the fact that you used RAE's
for multiple orders most likely means your order, if originating from a specific
brokerage wirecode, were declared RAE's ineligible.  Breaking order ups to
qualify for RAE's is a violation of the rule at CBOE, but be that as it may,
there is no ability to skew RAE's to adjust.  What the crowd would do if they
were getting banged a lot is take that series off of RAE's and simply trade it
manually.  They can do that and you would be able to detect that your series was
no longer on RAEs as the quote would no longer have an A in the quote field.  If
you would like to see the system in action, let me know and I will personally
take you on the trade floor so as to demystify the bullshit you were told.

ROBERT ROESKE wrote:

> There may be more to it than meets the eye.  The reason is RAES software is
> programmed to emulate a market maker under certain conditions.  For example,
> where do you believe that OEX RAES bid ask quotes come from?  Do you think
> they come from someone keying them in or do they come from a software
> routine that calculates and anticipates the next trade?  Sounds devious
> doesn't it.  Well some years back I was hammering RAES with some trades in
> sequence during a lightly traded Friday and each time I placed an order to
> sell to close, the Bid would drop a tick.  The next time I had a pot load of
> options to unload I discovered that if I delayed the next trade by a few
> minutes, the bid would "float" back up.  It was rather suspicious so I
> inquired about this from someone who should know since he is a cboe insider
> and his answer was, yes, the RAES software will automatically change the bid
> ask in its favor if it gets hit with a flurry of trades.  After all, that is
> what a live market maker does, doesn't he.  So, Dick, it sounds like you got
> the shaft by a software routine.  That my friend, is electronic trading.
>
> BobR
>
> ----- Original Message -----
> From: Dick Crotinger <dangle@xxxxxxx>
> To: kohath <kohath@xxxxxxxxxxxxx>; <realtraders@xxxxxxxxxxxx>
> Sent: Thursday, August 12, 1999 2:35 PM
> Subject: Re: OPTN: How can they do that?
>
> > The Market WAS at 9/16 when your order was filled.  That is the end of it.
> > >Kohath
> > >
> > I agree... but the market moved there because I placed my order.
> >
> > That is the problem I have with it.
> >
> > That is the end of it.
> >
> > Dick Crotinger
> >
> >
> >
> >
> >