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Howard, its my understanding that this is just the beginning of major
insanity. I think the options exchanges are planning an all out blitz on
new securities based derivative products. Some of the foreign options
exchanges have up to 4 (or more) ways to trade derivatives on securities
and it will happen here very soon. The primary business of the exchanges
is to get order flow. They want to take the "MacDonalds" approach where
they keep you going back continuously to keep buying the same thing over
and over and over. And while they may try to make you believe that these
are risk management tools, I do not think so. They are only to generate
new sources of order flow. This will be the new "penny" stock market for
the next millennium. (only this time you will not be able to arbitrate
all your losses).
Ron McEwan
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