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To: H James Morris who wrote (19080)9/29/1998 5:45:00 PM
From: IceShark  Respond to of 164684
 
It's just selling them and buying something else, usually farther out in time and/or a few strikes further in the direction of the original bet. The big reason it got this term is you can specify the net spread between the sell order(s) and buy order(s) in a fill or kill fashion. Do the whole deal MM for my specified float price or forget it.

Regards, IS