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Strategies & Market Trends : Canadian Options
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To: kajtek who wrote (400)4/29/1997 10:17:00 PM
From: Porter Davis   of 1599
 
Options update for 29 April...hurts too much to laugh, too old to cry

Today the Board of Governors of the TSE approved the 'blueprint' promulgated by the new regime, The Gang That Couldn't Trade Straight. This day will be viewed as the day the options died. Those of you who have followed my posts know that I am not opposed to bringing automation to various aspects of the trading process, but full automation cuts the heart out of the auction process, since no order can recieve a better fill--it can only trade against the previously booked bid/offer. This alone spells the end for TXO. The coming rule changes regarding priority and crossing will squeeze specialists out of the market, and when that happens, you will only be able to trade with your broker as the other side with no disclosure or discovery.

I take it back...I may cry.

Porter

(Tomorrow there is a reception on the new floor. Fearless and Betty will be there. Would somebody please do me a favour and come get me off the floor before they arrive? I cannot trust my discretion right now as far as these b.s. arrivistes are concerned. I tell you, butter wouldn't melt in their mouths.)

PPS: Shame on the bank-run governors who voted for this, and shame on the public governors for not learning what they were voting on. The public is ill-served by this move to a dealer market. Even the SEC has told NASDAQ to clean up their act, and here, we're emulating NASDAQ!
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