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Non-Tech : The Island ECN
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To: Jeffrey Citron who wrote (2)10/9/1997 10:21:00 PM
From: Thorr   of 202
 
Jeff,

I am frustrated with option execution on US equities. I could go on for along time about all of the problems with our antiquated option market making system but I would rather propose that you start listing all of the US equity options on the Island.

Limit it to players with a lot of capital.

Use the SPAN risk system.

Perhaps you could format the equity options like the DTB.

You probably have access to lots of Capital to fund an electronic options exchange, if not I do and would love to explore this.

The individual equity volume #'s are pretty good.

I think overnight an electronic options exchange would steal half the business from CBOE, Phil, PCoast and AMEX. If you could overcome the operational and regulatory hurdles you would be rockin.

I can't be the first person to think of this simple solution. What are the major problems with the delivery?

Thor
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