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Dear DOCTOR:
Thanks for that info. Just to follow up, I emailed my broker about it last
night and I just noticed they did the trade for me this morning. I suspect
that from now on I will tell them when I make a spread order to consider all
the exchanges. If they do route to regional exchanges for money I may need
to reconsider who to use.
Bob
----- Original Message -----
From: "THE DOCTOR" <droex@xxxxxxxxxxxx>
To: <rhbishop@xxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, June 08, 2000 11:19 AM
Subject: Re: [RT] OPTIONS
> On all the option floor there are electronic markets for all options and
manual
> markets for all option spreads .... there will electronic spread markets
in a
> limited # of names in the near future. There is also a provision at the
CBOE
> (I don't know for certain about the other exchanges, but I believe the
AMEX has
> the same rule)for protection of spread orders vs. electronic book limit
> orders... so that a spread order can be done touching the book without
trading
> the book limit.
>
> NET NET it sounds like your broker really didn't do his/her job very well.
I'll
> be, and I'm not impartial, that your order was routed to some regional
exchange
> in exchange for payment and simply never got done .... bad service from
your
> broker.
>
> I'm an operating officer of the CBOE in the interest of disclosure.
>
> rhbishop wrote:
>
> > I have been finding good opportunities with option spreads. I recently
> > placed a spread order with my broker on ADI, buying 2 Jan 02 90 calls
and
> > selling 2 Jan 01 95 calls for a net debit of 13 1/8. Since my broker
> > doesn't take online spread orders I ordered by phone. This spread
(bid/ask
> > info) sat at 13 1/8 for much of the afternoon after my order was placed
and
> > even moved to 13 for a brief time. My trade was not filled and I am
looking
> > for answers as to why. Is this a normal occurence? Does the market not
> > have an obligation to fill my order? No trades were shown on either
option
> > through this period.
> >
> > Thanks in advance for any observations.
> >
> > rhbishop
>
>
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