Veeco Instruments-Who? Message Board

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Technology Stocks : Veeco Instruments-Who?

VECO 29.30

-0.9%

Dec 24 12:59 PM EST

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To: Mark Ivan who wrote (1985)	3/25/1999 9:06:00 AM
From: Berk	Read Replies (1) of 3069

OT (Veco that is) In 1986 and 1987 selling naked puts was the great money maker for a variety of hedge funds, market makers, etc., that is until October 1987. The collapse that month threatened the solvency of the banking system due to the fact that all those "worthless" out of the money puts suddenly were in the money and overnight assumed massive volatility. First Options, the major clearing firm at the CBOE, was at that time a part of the Continental Bank of Chicago. One of the big OEX market makers suffered $70MM in losses in October and couldn't meet the margin call which of course caused big problems at the bank. This and the problems on the NYSE floor (I believe a Forbes article at the time, "Specialists at What") almost collapsed the system. Needless to say that is why a lot of firms have these policies.

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