RE: [RT] Option order cancellation fees

["Hill, Ernest E" <ernie.hill@xxxxxxxxxx>]

I am 
with you Earl. I may stop trading index options strictly on principal since I 
frequently alter my bids as the market moves. The idea of hitting small traders 
that trade in lots of 10-20 with this fee is absurd. If the reason is to target 
system abusers then it should be a fee based on volume of order cancellations 
not every one.
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  <FONT 
  face=Tahoma size=2>-----Original Message-----From: EarlA   [mailto:earl.a@xxxxxxxxxx] Sent: Wednesday, April 23, 2003 5:34 
  PMTo: realtraders@xxxxxxxxxxxxxxxSubject: Re: [RT]   Option order cancellation feesSo you penalize the 
  small traders because they don't deal in 50 contracts ata time. The small 
  traders pull back and now there is less liquidity ... butthen the only 
  good liquidity is liquidity provided by market makers ... whata crock. So 
  too is the assumption that brokerage firms will not pass alongthe fee   because they won't get hit with it 98% of the time. When you have 
  abrokerage firm which runs razor thin commissions, they are going to   assumethat they will get hit with it because they can't afford to assume 
  that theywon'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 kissGTC orders via the deep discount firms goodbye because their 
  customers willget 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 moneySPX 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!EarlTo 
  unsubscribe from this group, send an email 
  to:realtraders-unsubscribe@xxxxxxxxxxxxxxxYour 
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