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<DIV><FONT size=2>The power went out in our main office(as well as half of
downtown Chicago). It was a little nerve racking for a couple of minutes,
but the brokers in the office simply walked a couple of blocks to one of the
exchange floors and it was business as usual from there. I hope no one was
inconvenienced, I know all of my customers had access to the
markets.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Patrick Dugan</FONT></DIV>
<DIV><FONT size=2>dugan@xxxxxxx</FONT></DIV>
<DIV><FONT size=2></FONT><FONT color=#000000 size=2>800-526-5767</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From:
</B>Andrew <<A
href="mailto:andrew@xxxxxxxxxxxxx";>andrew@xxxxxxxxxxxxx</A>><BR><B>To:
</B>realtraders@xxxxxxxxxxxx
<<A
href="mailto:realtraders@xxxxxxxxxxxx";>realtraders@xxxxxxxxxxxx</A>><BR><B>Date:
</B>Thursday, August 12, 1999 11:14 AM<BR><B>Subject: </B>Is RJ Obrian out
of bussiness?<BR><BR></DIV></FONT>
<DIV><FONT size=2>One of my brokers is RJ Obrian. and their phone
lines have been down all morning. </FONT></DIV>
<DIV><FONT size=2>All of them. The sp floor, general lines, and
several desks that I work with all dead.</FONT></DIV>
<DIV><FONT size=2>Even the main sales line is dead. </FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Are they out of business? 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></DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV><FONT size=2>Anyone know what is going on? </FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Andrew.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Ps. </FONT></DIV></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Thu Aug 12 19:35:24 1999
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Message-ID: <037301bee52a$07f47140$128d0b3f@xxxxxx>
From: "Dick Crotinger" <dangle@xxxxxxx>
To: "ROBERT ROESKE" <bobrabcd@xxxxxxxxxxxxx>, <droex@xxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxx>
Subject: Re: OPTN: How can they do that?
Date: Thu, 12 Aug 1999 18:20:01 -0700
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>>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.<<
Would that I were close enough to the Windy City to take you up on this!
My quote system (DTN/Ensign) does not show a "A" in its quote pages for
options. It is all I can do to get the data that I have... knowing that the
trade was "REAS-eligible" would help a lot, but I haven't a clue how to
facilitate or even ask for it. My broker's quotes certainly do not reveal
this.
This has been my whole point... when my screen shows a bid/ask, there is
no time limit for its validity. What you are telling me is that any market
displayed is best guess only, and there is no reason to expect the quotes to
be anything more than whimsical on REAS part. Who do I have to be to get
access to trades according to these quotes? Doesn't CBOE (and REAS, I
guess) want to give us quotes we can trade to? And YES, I am aware that
markets move in between my bid/asks... I'm talking about the stagnant market
where the quotes MOVE to meet my trade, in the wrong direction. No, it's
not the "poor mes" at work here. This is a system that does not support the
public trader.
I believe BobR was closer to the truth than he's being given credit for...
those few of us still trying to trade options "see" the reality thru the
quote systems, fills and resulting profits... what Kohath said last week was
also true... the market makers (or REAS, if you will) are well aware of more
than just the current market, and not in a hurry to spot us a moment of
opportunity beyond the luck of the draw... and trading is more than that, I
think we will all agree.
Dick Crotinger
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