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To: Jurgen Trautmann who wrote (8987)	2/16/2001 8:15:27 AM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 11051

JT> options brokers... ...I don't think Brown&Co allow "foreign" accounts, either; they are my favourite "trading" house, fwiw. Schwab has a very good "back office" as we used to say in the EU; ie., I like their accounting/reporting/services but, their commissions do suck. no problem posting the "trading book", Jury ~ they're certainly not all "clever" {grin} I just took a heluva hit on 200 NTCH - NT MAR40C (now worthless). ...first bad trade in 2 months so, I had it coming (^_^) -Steve

To: Jurgen Trautmann who wrote (8987)	2/17/2001 11:26:56 PM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 11051

Jury> options exchange-routing Option aribitrageurs have made piles of money exploiting multiple-listed options. They buy an option on one exchange's computerized trading network and sell it almost instantaneously on another ~ booking the arbitrage on thousands of such trades as profit. The International Securities Exchange is fighting back. Since its launch, the ISE has traded over 10 million contracts, averaging 150,000 daily. But nearly half that volume traded via Speer Leeds' REDI system, with 70% of the trades in "crossed" markets, says Henry Schwartz with Banc of America Securities, a member of ISE. Using REDI, options bandits identify "crossed" markets across exchanges and automatically route orders. This week an ISE system change will throw these arbitrage orders into a "manual state," most likely ending the free lunch REDI option traders have enjoyed. -Barron's 19-FEB p.MW11 -Steve