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Technology Stocks : USRX
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To: Janice Shell who wrote (16628)3/25/1997 2:47:00 PM
From: Glenn D. Rudolph   of 18024
 
Okay? So basically: your contract represents one unit of open interest until you close it. I think...Janice

Janice,

That is correct! Oh Oh ....Paul will pull out the algebra on us <G>

I really felt confirmation on the above because I had the only open contracts on the NWX. Also, I believe the MM sold them to me and does that often with others. He/she typically is ahead due to the amount of contracts that expire worthless. If there are too many, as typical with a very liquid option, the MM may resell the contract but the open interest does not change.

Glenn
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