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So you penalize the small traders because they don't deal in 50 contracts at
a time. The small traders pull back and now there is less liquidity ... but
then the only good liquidity is liquidity provided by market makers ... what
a crock. So too is the assumption that brokerage firms will not pass along
the fee because they won't get hit with it 98% of the time. When you have a
brokerage firm which runs razor thin commissions, they are going to assume
that they will get hit with it because they can't afford to assume that they
won't. Yes, maybe the fat cat brokerage firms like Schwab and Fidelity,
which charge high commissions can eat the fee, but so what. And you can kiss
GTC orders via the deep discount firms goodbye because their customers will
get hit with a cancellation fee for canceling or modifying the order.
I pay $1.00 to IB to execute one $16,000 contract for a deep in the money
SPX Put and you guys charge me $1.20 to cancel an order ... what a deal!
I can't wait to return the call I received from the SEC today!
Earl
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