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Also on my IB work station the Bid and Ask on OEX options generally lag
real time (20-40 sec) making cancellation and changing of one's order a
rather typical course of action as there is some uncertainty about price
and volume.
Ron
EarlA wrote:
>
> I received the note below from Interactive Brokers the other day. If I
> understand this, all option exchanges are now charging fees to cancel or
> cancel/replace orders, even those submitted electronically. Either the
> options exchanges are looking for another source of revenue or they are
> handling a lot of paper in front of the electronic systems. My trading is
> overwhelmingly in futures rather than options, however this tactic will
> certainly cause me to reconsider on those occasions when I would normally
> use options.
>
> Earl
>
> "All US exchanges now charge option order cancellation fees. In order to
> recapture this expense, effective April 14, 2003, IB will charge
> $1.20/cancelled option order for smart and direct routed option orders.
> Option order cancellation fees will be REDUCED at the following rates:
> Direct Orders $.20/executed contract capped at $1.20/executed trade
> Smart Orders $.25/executed contract capped at $3.75/executed trade"
>
>
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