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The comparison is not fair.
1. In options your order may result in an additional order being derived.
You put in an order for 5 .. the mm's derive 5 more for the 10 guarantee.
2. There are no exchange fees for trading options .. there are in futures.
3. No specialist standing up to quotes in the mini .. no derived orders. No
autoquote traffic issue.
-----Original Message-----
From: EarlA [mailto:earl.a@xxxxxxxxxx]
Sent: Friday, April 18, 2003 8:26 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] Option order cancellation fees
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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