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Strategies & Market Trends : From the Trading Desk

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To: The Perfect Hedge who wrote (2072)	12/16/1997 5:13:00 PM
From: steve goldman	of 4969

Some options trade on multiple exchanges. your firm might have routed the order to an exchange with an inferior price, thus you did not get filled. We always route via. RAES if CBOE has the best inside market. ON RAES, you get an almost instantaneous execution if its bid where you are selling or offered where you are buying. You firm might have routed it to an exchance that was bidding 1/16 or 1/8 less, thus no fill But they shouldhav then offered your stock, which would essentially lock theinside market which usually never happens in options. The mm in the option should have taken you out knowing there was someone bidding the same on the other exchange. or...you firm simply dropped your ticket behind the desk and noone wanted topick it up.........who knows.... regards, Steve@yamner.com

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