Thank you for amplifying your comments.
One of the things that really disturbs me is the different responses people seem to feel on a partial fill or 'nothing done' in the US vs. here: it's "Damn, missed the market" there and "Shit, they screwed me again" here. In point of fact, the exact same scenario may have taken place in both instances. Perhaps the offer was client, and not a price the specialist felt like buying or selling at; maybe the bulk of the offer of the underlying has traded away, with little offered behind (although it would appear the 'price' of the underlying hasn't changed); maybe someone else has just bought a 100-lot of another series, causing the specialist to reconsider the implied volatility, etc. You also have to consider the timeliness of your data--even supposed 'real-time' data vendors can be several minutes late.
I grant you that the sheer volume of trading in the States and the huge number of classes is an advantage we cannot match, but in the active classes we have here, I will submit our markets are better than the ones they call on our stocks. I deal daily with a professional option arbitrageur, and he tells me we are way ahead in liquidity and standing by our markets.
If I don't trade, I don't eat, so it is in my interest to encourage trading, not discourage it.
FWIW/IMHO.
Happy trading.
Porter |
