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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST
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To: Glenn Petersen who wrote (10020)11/28/2012 10:36:15 PM
From: Wayners  Read Replies (1) of 10027
 
Virtu was all cash at $3. Doesn't help me at all. Don't think a higher bid will come in. Exercised the deep in the money options and sold the stock. Had to call up the broker to do it, they called it a cashless exercise. Saved me bank because the options were deep in the money and the the rip off artists wouldn't even bid the intrinsic value. I'll pay the spread one time on entry, but never twice. They were trying to steal thousands upon thousands of nickels from me. Screw 'em. Cashless exercise. What I found interesting is that when I had the guy on the phone, he shorted the stock first, and then exercised and then he covered the short with the stock to close out the position. I asked him why in that order. He said if the stock is moving, we like to get that out of the way first. From a risk standpoint I'd exercise first, then just sell it.
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