Rami,
Yes, they are planning to do away with
floor-based futures locals. They are
planning to do away with a floor of any
kind. What they (TSE management) is
proposing to do will eliminate most of
the liquidity we have in options and
futures. Currently, your trader enters
the square and asks for a market on the
series...he is guaranteed nothing worse
than what is posted, and often can get
a better bid/ask, particularly in the
busy stocks and TXO. A screen-based
system *eliminates* that possibility!
Any in-coming order can only trade with
the book, with no chance of improvement.
Add in clients losing their priority and
unfettered 'crossing' of orders, shutting
out other market participants, and you
get the idea of how what they are proposing
is seriously detrimental to the market.
They will get away with it unless enough
people make any objections known. I urge
you to e-mail Susan Crocker, VP-Derivatives,
<scrocker@tse.com>, with any comments you
might have on this matter. Time is running
out!
I know of a few people who do full-time
arb of US/Toronto interlisted options.
Currency fluctuations make it a risky
proposition.
I don't know if EEE is option eligible.
Please, everyone, be heard with your
opinions before it is too late. Send
Ms. Crocker your comments. They have
ruined the equity market in Toronto--
don't let them do the same with
derivatives.
Porter |
