USRX Message Board - Msg: 1002477

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To: Glenn D. Rudolph who wrote (15524)	3/16/1997 9:16:00 PM
From: David Rosenberg	of 18024

Glenn, I agree we are getting closer and closer: The reason for dividing [the opening position + opening position of the buyer + seller] by 2 can best be understood by seeing an example: Take Friday's close from stocksmart table stocksmart.com ...........................................................bid...ask....o.interest UQXCK $55.000 CALL $3 -2 1/8 3 1/8 3 1/2 2,229 <--- UQXCL 60.000 CALL $7/8 -3/4 11/16 15/16 10,357 <--- The division by two is necessary in order to have an ODD number for the OPEN INTEREST (this is akin to the NASDAQ's reporting volume with a 100 share sale as "200" i.e. they count both the buyer and the seller in their volume which the NYSE and AMEX do not do) The Option Board OPEN INTEREST only records the PAIR -- the buy and the sell -- as one contract, hence we need to divide by 2. Otherwise we could never have an ODD number of outstanding contracts! Do we agree yet?

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