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Doesn't Eurex have a fee structure along those lines? Something
like "X number of messages into the trading system per day is
reasonable for your type of client. X+Y we'll tolerate, but we'll
charge you for Y" with X being a fairly high number and tied to the
actual volume transacted by that client.
--- In realtraders@xxxxxxxxxxxxxxx, "Hill, Ernest E"
<ernie.hill@xxxx> wrote:
> 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.
>
> E
>
> -----Original Message-----
> From: EarlA [mailto:earl.a@x...]
> Sent: Wednesday, April 23, 2003 5:34 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] Option order cancellation fees
>
>
> 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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