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The cancellation fees is intended to dissuade what are viewed as abusive
users. There are no exchange fees for trading (excludes index and ETF
options) charged to the brokerage community. They were eliminated. The
attempt here is "tax" the people who enter hundreds of orders electronically
in a matter of minutes or sometimes seconds using electronic trade engines.
Alex Jacobson
Vice President
Education
International Securities Exchange
(212)897 8125
(877)720 9918(SKYPAGE)
(847)607 0559 (Home)
ajacobson@xxxxxxxxxxxxxx
-----Original Message-----
From: EarlA [mailto:earl.a@xxxxxxxxxx]
Sent: Wednesday, April 02, 2003 10:39 AM
To: Realtraders
Subject: [RT] Option order cancellation fees
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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