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Strategies & Market Trends : Canadian Options -- Ignore unavailable to you. Want to Upgrade?

To: Robespierre who wrote (1512)	4/14/2000 9:12:00 PM
From: Porter Davis	Respond to of 1599

>>So Porter, what kind of Mickey Mouse operation is this? I don't know...all I can tell you it isn't my operation. I'm the new kid on the block. I don't know who the governors are and I have yet to see a rule book. I was stunned to have a trader come in yesterday and inform me that they were crossing 'pro' a 300 contract spread on both my markets and I was only allowed to do half! By three o'clock today I wanted to take a sledgehammer to my printer. It was spitting out yards of tickets at a time, the markets were crashing with a vengeance, and I was totally at sea trying to maintain an orderly market. The ME system may work in sedate, low-volume markets, but it is totally unacceptable and unworkable in markets like this. Add in the internet micro-investors who have no compunction about CFOing their orders six or seven times, moving a nickel but still dollars away from the market, and you have a recipe for disaster, and as I said before, I will not be the goat staked out for the lion. Montreal wants us to keep the markets going until they can fully automate without spending any money to support us or make changes to make their system workable in these high-volume, high-volatility markets. The 401 runs both directions. I guess you can tell I'm a little steamed, and the flight home didn't change my mood any. I love Montreal, and I'm finally getting my apartment livable, but if this continues,I'm skeedaddling back home before it really gets ugly. Happy trading. Porter

To: Robespierre who wrote (1512)	4/15/2000 6:20:00 AM
From: Porter Davis	Read Replies (1) \| Respond to of 1599

Just what the world needs...another ambulance chaser. Well, Robespierre, I hope you're proud of yourself. I guess you weren't listening when your momma told you there's no such thing as a free lunch. Where do you get off calling the specialist a scum? Do you know him? I don't. Are you surprised that your broker was an unwilling accomplice in your unethical thievery? And to publicly whine that you were in limbo while some guy had to eat a $600 error. There are any number of reasons why a class might contain bad quotes, and since no Canadian exchange I am aware of has an error account, they always are forced to hang it on the specialist. In Toronto the determining rule was that "the Exchange shall not allow any unreasonable trade to stand", and a $1.35 call at a .65c discount is prima facia unreasonable, and absent malfeasance on the part of the specialist, I never would have allowed that trade to stand during my fifteen years as Chairman of the Floor Procedure Committee. I hope you're proud of yourself. Why don't you take part of the proceeds (after you pay your taxes, of course) and buy yourself a book on ethics. Porter