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

To: Madpinto who wrote (147)	2/6/1997 8:14:00 PM
From: Porter Davis	Respond to of 1598

Mike--I appreciate your support. This is serious business. I printed out your post and will include it in my brief to the TSE which is due tomorrow. I urge anyone who cares about options and futures trading in Canada to contact <scrocker@tse.com> with any comments you may have. The main issue is fairness to all market participants. We can trade on a fully automated system, (not the preferred choice, to be sure), an open outcry auction system, as all major N. American exchanges use, or chalkboards. The issue is the rules. The principle of fairness and equity is immutable. Any bending or shading of them in favour of one element (i.e. the banks in the person of the upstairs accounts) can only come at the expense of other participants. This is the message I have tried to get through to the TSE, and it cost me my positions on several exchange committees, including chairman of Options Floor Procedures. The president of the TSE, Fearless Fleming, would not allow anyone to publicly disagree with management and continue to serve on any committees. My only regret is that Chairman of OFPC is an honour--it says the other traders and client order traders respect my integrity and fairness. So be it. Consider for a minute that the Exchange proposes to abolish client priority and the professional traders to a man want to see it preserved. Wouldn't you expect it to be the other way around? Well, I don't mean to sermonise. It's a strange (but comfortable) position to be arguing for fairness and equity in the marketplace, and being opposed by the institution that should have those principles held first and foremost. Let's see what the future holds. I'm a little old to pick up and relocate, but there's always Chicago or Montreal if they foul the nest here. Good night and good trading. Porter