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

To: Porter Davis who wrote (925)	3/25/1998 12:29:00 PM
From: Vectra	Read Replies (4) \| Respond to of 1598

errrr...this is not the first time I have seen this! Lets put a few things in perspective, these holier than thou ramblings of the Specialists requesting electronic books for the past decade reeks of the rewriting of history. How do I know this, because I sat on one of the committee's that talked of such things. The truth be told the Specialist's were brought kicking and dragging into the 90's with the implementation of MOST (this can be discussed another time), however many times the options community was asked for their opinion on the automation of the options market place and all screamed that the sky would fall if such a proposal would be passed. I know of at least one suggestion that called for the posting of options volume and this was shot down. I personally don't recall the Specialist community discussing in earnest that they needed, wanted, demanded an electronic book. Electronic books or a variation on how to deal with extreme market conditions only became apparent after the referendum problems with TXO. To suggest that the Specialist community had been telling the powers that be that an electronic book was necessary and that this had been requested up to 10 years ago is just not true. The reality i'm afraid is that the Specialist's now say they want, and have always wanted an electronic book only because automation is on its way and it is the worst of two evils from their perspective. Just some further background, the Canadian options market place was on the ropes in the early 90's, most people involved knew something had to be done. What was done was the creation of a new product (LEAPS). LEAPS it was hoped, would be the great white hope for the Canadian options market, it didn't turn out to be exactly that, however did managed to attain 10% of the market place. In addition during that time many new technical progresses were made for the benefit of the Specialist community. Specifically a new capital system was built especially for the Specialists, hence a new capital system was developed and the rules were reveiwed, updated and changes were made for the betterment of the Specialist community. It seems strange that the Specialist community is now saying that everything they have done was for the betterment of the investor when actually everything that they had asked for was for their benefit. And that is the story behind the story! Your flames to my posting are welcome. Vectra