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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: RoseCampion who wrote (41753)	9/18/1999 1:40:00 AM
From: Kayaker	Read Replies (2) \| Respond to of 152472

exchange arbitrage quickly brings things back in line - MM computer sell programs could rake in a fortune on a 1/16 point difference Rose, I don't see that. When I look at real time, time & sales data for QCOM options, the Pacific Exchange is always higher on the bid and ask; often as much as a 1-1/2 points. I usually only see the trades go through on the CBOE. Here's a snippet from the Jan 02 160 calls from today. Note that pacx prices are always higher than cboe. If there is competition, I don't ever see it. If I put in a buy or sell at the ask or bid on pacx, it won't execute. When I watch real time option quotes bounce up and down (with no movement in the stock), I can tell which exchange it's from without looking (high-pacx, medium-cboe, low-amex). Have also talked to my broker about it to no avail. They talk about a primary exchange for each option, routing to where the most liquidity is, and other BS. Broker is TD Waterhouse and they route through Pershing in the US. Time & Sales data from QCharts - Quote.com. 15:40:43 78.25 Bid cboe 15:40:43 79.25 Ask cboe 15:40:46 78.75 Best bid pacx 15:40:46 80.25 Ask pacx 15:41:07 78.375 Bid cboe 15:41:07 79.375 Ask cboe 15:41:14 78.875 Best bid pacx 15:41:14 80.375 Ask pacx 15:41:23 78.5 Bid cboe 15:41:23 79.5 Ask cboe 15:41:29 77 Bid amex 15:41:29 79 Best ask amex 15:41:30 79 Best bid pacx 15:41:30 80.5 Ask pacx 15:41:41 78.625 Bid cboe 15:41:41 79.625 Ask cboe 15:41:43 79.125 Best bid pacx