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As an historical note, "How did I know this?"
Two ways. One by having 100 contracts and breaking them up into 20 lot
orders so they would go through RAES, not knowing that breaking up large
positions into small ones and sending them through RAES was and still is in
violation of the rules. They went through, but the B/A decremented against
me even though the OEX was unchanged. I asked Alex Jacobson(former OEX
instructor why) and he jumped all over me for doing it, well not really, but did
explain that such action was grounds for suspension or fining or some such
punishment, and that I might have gotten better pricing with a full order
instead of piecemeal. Before talking to him I did this several times to
test the system and found that if the successive orders were delayed, then the
RAES B/A floated back up to where it was when the first order was
placed.
bobr
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
BobR
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, June 11, 2003 10:50
AM
Subject: Re: [RT] Option fills
Online OEX market orders should be routed through
the RAES system and if at the money or near by and less than 20 contracts
should fill within seconds at the quoted bid/ask. When MM's agree to
fill RAES orders they also guarantee the price for X contracts at the quoted
price, used to be 20 contracts, may be more now. The gotcha on RAES is
it automatically increments or decrements untouched by human hands if
there is fast sequential orderflow, even if the OEX isn't budging. It is
programmed to simulate supply and demand pricing. It is backed by smart
adaptive software. Limit orders go another route and take
longer.
bobr
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
<A title=ketayun@xxxxxxxxxxxxx
href="">ketayun
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, June 11, 2003 10:23
AM
Subject: Re: [RT] Option fills
Earl,Thanks. I will go back to market
orders/smart routingKateTo unsubscribe from
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