Re: [RT] Option order cancellation fees

["Ray Raffurty" <r.raffurty@xxxxxxxx>]

Hi Earl,
 
Would you post the letter you sent with the address 
so we all could send one.  Strength in numbers, workers of the world unite 
and all that rot.
 
Thanks in advance,
 
Ray Raffurty
<BLOCKQUOTE 
>
  ----- Original Message ----- 
  <DIV 
  >From: 
  EarlA 
  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="">realtraders@xxxxxxxxxxxxxxx 
  
  Sent: Friday, April 18, 2003 9:26 
AM
  Subject: Re: [RT] Option order 
  cancellation fees
  Alex,I don't know who dreamed up this cancellation 
  fee, but it is a tax on alltraders which is going to reduce 
  liquidity:1) This week I paid a $1.20 for canceling a GTC order which 
  had been workingfor a week. I will not place GTC orders in the future 
  since it is cheaper toallow day orders to expire and replace the order if 
  desired.2) I will also avoid leaving limit orders in the market during 
  the day sinceadjusting these orders during the day will cost me $1.20 for 
  eachadjustment.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 SPXdeep in money option trades I would ordinarily have 
  executed.2) I filed a written complaint with the SEC. Not only is 
  charging a feewithout executing an order or providing a proven audit 
  trail, egregious, butthe $1.20 charged is far in excess of any incremental 
  cost which theexchanges might justify.Earl----- 
  Original Message -----From: "Jacobson, Alex" 
  <AJacobson@xxxxxxxxxxxxxx>To: 
  <realtraders@xxxxxxxxxxxxxxx>Sent: Sunday, April 06, 2003 11:36 
  PMSubject: 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 orderselectronically> in a matter of minutes or 
  sometimes seconds using electronic tradeengines.>> Alex 
  Jacobson> Vice President> Education> International 
  Securities Exchange> (212)897 8125> (877)720 
  9918(SKYPAGE)> (847)607 0559 (Home)> 
  ajacobson@xxxxxxxxxxxxxxTo 
  unsubscribe from this group, send an email 
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