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To: bob wallace who wrote (9408)	11/11/1997 8:07:00 AM
From: Patrick Slevin	Read Replies (1) of 17305

Trader Vic... If you are still interested this is a part of an e-mail recieved from a CBOE member. "... They (Refco) could have bought Vega and in fact there was a huge OTC vega trade that hit the market late the Friday before. It would have been impossible to hedge out what happened to Niederhoffer because the way the exit trading was done it had the appearance of a paniced attempt to get out. The additional problem is EVERYBODY in the community knew it ,was him coming out of the trade and the S & P community did a wonderful job of just slaughtering him on his exit trades. Some options were 10 to 15 points wide in bid/offer spreads....who do you hedge that out? Tough group.

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