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I'm a little slow, so correct me if I'm wrong, but
correctly interpreted this really means... ...Firms were
adding liquidity, cutting into our spreads (to the benefit
of retail customers), so we all got together and decided
to penalize them with a tax instead of via true competition.
Sounds like the SOES battle all over again.
It seems especially wrong that the ISE is taking part in
this. In the past I've always routed my orders to them as
a sign of support. This will no longer be true.
regards,
tbr
> From: Mano Appapillai <manoappapillai@xxxxxxxxx>
> Subject: Re: Option order cancellation fees
>
> Here is the response from a person closer to the Exchanges :
>
> There were some firms that where sending thousands of orders
> per second and then cancel and replacing them with a slight move of the underlying.
> They were essentially trying to act as market makers. This not only ties up the resources of the exchange,
> but also of the brokerage firms and ISVs. Just think of all the option classes and strike prices they
>would constantly readjust and you can imagine the order flow without any revenue generating trading occurring.
>
>
> Mano Appapillai
>
> 4565 Saddle Mountain Ct
>
> San Diego, CA 92130
>
> Tel : 858 794 8494
>
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