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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: Kayaker who wrote (2947)11/7/2001 10:11:51 PM
From: Dan Duchardt  Read Replies (1) of 5205
 
Kayaker,

This is an example of an exchange with an inferior price being obligated to honor the best market price to fill your order. The best bid at the time of these fills was .95 on CBOE and ISE. You may be inclined to think this arrangement is good for you, but there is another point of view that is quite the contrary. If an exchange had to pass the order to the exchange with the best bid they might be more inclined to up their own bid to compete for the business. As it stands, they are free to sit there with an inferior price and fill any order that happens to be directed their way. It's really anti-competitive, and until it is changed the spreads on option quotes are going to remain excessively wide.

Dan
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