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Alex,
I don't know who dreamed up this cancellation fee, but it is a tax on all
traders which is going to reduce liquidity:
1) This week I paid a $1.20 for canceling a GTC order which had been working
for a week. I will not place GTC orders in the future since it is cheaper to
allow day orders to expire and replace the order if desired.
2) I will also avoid leaving limit orders in the market during the day since
adjusting these orders during the day will cost me $1.20 for each
adjustment.
I am also doing my little bit to protest this fee:
1) This week I elected to use SP emini futures contracts in lieu of some SPX
deep in money option trades I would ordinarily have executed.
2) I filed a written complaint with the SEC. Not only is charging a fee
without executing an order or providing a proven audit trail, egregious, but
the $1.20 charged is far in excess of any incremental cost which the
exchanges might justify.
Earl
----- Original Message -----
From: "Jacobson, Alex" <AJacobson@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, April 06, 2003 11:36 PM
Subject: RE: [RT] Option order cancellation fees
> 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
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