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Strategies & Market Trends : Canadian Options
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To: Natty who wrote (1385)5/13/1999 6:24:00 AM
From: Porter Davis  Read Replies (3) of 1598
 
The Manhattan Transfer

Well, I read in the paper yesterday that the TSE has written off against earnings the $28 million dollars it is proposing to give to the ME to take over the derivatives markets in exchange for the approximate 5% of equities trading it does not already have. Additionally, the TSE is giving the $13 million trading engine purchased from OM to the ME, for a total of $41 million. This may not be PC, but it strikes me as totally analogous with the Indians pleading with the Dutch to take Manhattan off their hands for $26 worth of beads and ribbon. How can anyone think that this deal makes good business sense? Just wondering.

Nat, new strike prices are added automatically when the underlying closes at or beyond the last strike, or if the specialist requests that a new strike be added, usually in response to a specific request from a large market player (ie, an institution wanting to put up a trade).

Quite a reaction to Rubin's resignation yesterday. The Dow dropped something like 225 points in about twenty minutes before turning around. I secretly fear that someday soon the market's going to do one of these downside whoop-de-doos, only it's not going to turn around.

JMHO.

$41 million versus a five per cent market share. Think about it.

Happy trading.

Porter
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