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Well you certainly got me on that technicality! Strange though that all of
the exchanges managed to make the filing and the filings all seemed to come
into effect about the same time.
Earl
----- Original Message -----
From: "Jacobson, Alex" <AJacobson@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, April 23, 2003 1:13 PM
Subject: RE: [RT] Option order cancellation fees
> Not factually correct. The fee filings occurred at different times.
>
> -----Original Message-----
> From: EarlA [mailto:earl.a@xxxxxxxxxx]
> Sent: Friday, April 18, 2003 9:16 AM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] Option order cancellation fees
>
>
> All option exchanges instituted this charge at same time. So much for
> competitive, free markets and consumer friendly supervision by SEC!
>
> Earl
>
> ----- Original Message -----
> From: "Hill, Ernest E" <ernie.hill@xxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, April 18, 2003 7:37 AM
> Subject: RE: [RT] Option order cancellation fees
>
>
> Is this being done by all brokers or specific brokers?
>
> -----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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