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

To: Jan Johnstone who wrote (1185)	6/9/1998 5:54:00 PM
From: Dave.S	Read Replies (2) \| Respond to of 1598

To All: There was great excitement on the TSE Options Floor about the Financial Post article today. All of the traders who I talked to are on Porter's side and would like to see this threat resolved shortly. Porter is in good spirits and is in contact with his lawyer who is reviewing all of his posts on this thread. Those $100 pledges wouldn't last long as Porter has one of the best legal minds in the city in his corner. Don't expect any comments from Porter on this thread or in the press until this process is finished. Keep up those e-mails to the Press, OSC, TSE, Member firms, MPP's,MP's and keep this thread alive. How about everyone selecting and posting their favorite Porter comment from the S.I. archives just to show everyone what all the fuss is about. Dave

To: Jan Johnstone who wrote (1185)	6/9/1998 6:00:00 PM
From: Dave.S	Read Replies (2) \| Respond to of 1598

This is Porter's Post #763 from Nov. 30, 1997: "The TSE announced the departure of its VP in charge of IS for 'personal' reasons. Sure. He was made to walk the plank, like so many others before him. The TSE is in complete disarray in my opinion. The systems are not reliable, they don't work well even when they're up, promised upgrades never appear, etc. These people simply don't know what they're doing. Trading is an alien concept to them. They are way over their heads and are either too stupid or too arrogant to admit it. The proposed automation system for options is a disgrace. We have been working through the specs on it, and it will not work. Here are just a few of its show-stoppers: it effectively eliminates GTC orders and market orders almost any time, but particularly before the opening; no pre-opening indicated markets; something like 60% of all markets will be 'dark', i.e., no live quotes; and the abolition of client priority. They are trying hard to find work-arounds, but in reality they are changing our rules to fit the stupid machine. It's like cutting off your toes so you can fit into a fancy new pair of shoes. The broker who is the largest trader in our market is against it, and more and more people are seeing how negatively it would affect us as they see more detail. I only pray the exchange can admit a failure and stop this before it's too late. There is an inexpensive alternative, namely an electronic book. The software exists, and can be bought 'turn-key' for about 1/50th of what the exchange is prepared to pay for OM. An electronic book, which we asked for in the mid-80s, permits electronic order entry into the central book and automated trade reporting. Full disclosure, retains the auction process, reduces about 70% of staffing levels, keeps the integrity of our rules intact, what's not to like? I even asked Steve Rive, VP of derivatives, if we (the specialists) could buy it and have it installed. He said no. Someone has to talk some sense into these MBA mandarins before it's too late."