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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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