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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Tech Master who wrote (11226)5/5/2004 11:53:02 AM
From: Dan Duchardt  Read Replies (1) of 12617
 
I'm not qualified to render legal opinions, but it seems to me what you are talking about is comparable to saying the Nasdaq should be allowed to limit trading of all Nasdaq listed securities to their systems, or NYSE to limit trading of their listed securities to their exchange.

It seems to me there is a difference between creating something, and the subsequent transfer of ownership. If I buy a car from GM or Ford, should I only be able to sell it to somebody else by taking it back to one of their dealers?

Perhaps there should be a separation of the business of creating open interest, which might remain proprietary, and the trading of open interest using the exchange that offers the best service at the best price. Other exchanges would then have to pay the "creater" if they want to match a buyer and seller of a "new" contract, or to execute a trade that closes contracts. It would be CBOE's call to offer this ability to other exchanges, or not.

One thing I am quite certain of is that CBOE is not offering the bast possible service for trading and certainly not at the best price. This has probably been detrimental to the acceptance of their products in the market place. I can imagine a much brisker trade of CBOE's index options if they could handle the trades the way the ISE does. They have had years to build a system to do that, and have chosen not to do so.
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