Option Spreads, Credit my Debit Message Board

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Strategies & Market Trends : Option Spreads, Credit my Debit

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To: OX who wrote (963)	10/14/1999 1:58:00 PM
From: KFE	Read Replies (2) of 2317

OX, i did notice for the 1st time today, w/ the activity in AAPL this morning at the open, it seemed as if the option exchanges turned off their auto ex systems (RAES, AMOS, etc.) Several possible explanations: 1.Your order was entered during open rotation-no new orders will be executed until opening rotation is concluded. Quotes will be updated but no orders even market and auto execution will be filled. 2.I noticed this 'slowness' on PHLX and AMEX) I believe that the order books on the PHLX and AMEX(specialist based systems) are run by specialists who trade for their own accounts as well as handle customer orders. The order books on the CBOE and PCX(market maker based systems) handle only customer orders. In a fast market could this make a difference? I will let you make that call. 3. I am not sure about this but I believe that market makers/floor traders have to sign on to the auto execution systems. Can the auto execution system be turned off during "fast" markets similar to OTC market makers? I E Mailed the CBOE and will post the reply. Hope this helped. Ken

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