|
Philip, The only method I know for finding option symbols on
Nasdaq stocks is to ask somebody, a broker, the OCC, or the company.
There may be a method to their designation, but I haven't cracked the
code yet. And I remember buying a bunch of American Power Conversion
puts and having my broker come back with a confirmation on Adaptec.
Fortunately, his firm tapes all orders and my voice said American
Power Conversion. Still, he's a friend and I hated to see him eat
the friction in his gross. The symbol for Adaptec options
does look like it
should be for APCC. Short rebates are one of Wall Street's dirty
little secrets. Any time you short a stock, real cash is delivered
to your broker for that sale. Interest is drawn on that cash for as
long as you remain short. The only question is, who gets the interest.
If you borrow from an institutional investor or a broker, they get a
cut of the interest. But their share is usually quite small. Often
as low as 10 or 20 hundredths of a percent. I know this for a fact
as many of my portfolios lent securities. So, if money market rate
is 5 percent, and the lender is paid 10 to 20 basis points, what
happens to the other 4.8-4.9 percent? Your broker is stealing it if
you are not receiving it. Most full service brokers pay rebates to
institutions or individuals in a clout position. When I managed a
hedge fund, I received 90 percent of the mm rate. The Bass Brothers
supposedly receive 95 to 97 percent of the mm rate, but, then they
have a ton of stuff short. As an individual, I get between 70 to
85 percent of the mm rate. The high and the low rates are from full
service brokers. The only discounter who pays a rebate is Aufhauser,
and they pay 80 percent. I think that is good given that they also
have low commissions. So, if you short a lot, you have to get a
rebate. Threaten to move your account to Aufhauser and see if it has
any impact. Good luck, MB |
