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To: mishedlo who wrote (133880)	11/11/2001 5:15:10 PM
From: Tommaso	Respond to of 436258

There's always a market-maker, though the bid/ask is such a big spread that they are not good for short term trading. Yes they can be bought and sold any time--and I guess the market makers create them if you meet their asked price. But you cannot use them to buy the underlying stock on demand, which keeps American-style in-the-money options tied much more closely to stock prices. It is an interesting question as to whether the market maker can liquidate the option by buying it in. That's something I don't quite understand.