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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (3033)5/13/1998 10:46:00 PM
From: j g cordes  Read Replies (1) of 4969
 
Steve, a question. Most orders to buy or sell an option will go to the primary market unless otherwise directed when the order is placed. If an option is traded at multiple markets, is it the responsibility of the broker to attempt to find your limit price or is it the responsibility of the customer to tell the broker to send the order to a market other than primary. (Hope that makes sense).

Example: I was selling 60 contracts of XYZEA's. They were quoted at 1 to 1 3/8th on the primary market but on the Pacific were quoted at 1 1/4 to 1 1/2. This discrepency remained in effect for a two hour period. My order was to sell at 1 1/4 but it was never executed because, according to my broker, I didn't instruct him to go to the Pacific market. Meanwhile he was quoting me from both markets throughout the morning.

thanks.
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