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New York needs Wall Street. Putting the guilty out of business may be just, but not realistic. Harvey Pitt and the SEC are looking like total fools on this one. They nailed 15 year old Jonathan Lebed but missed wall street doing same on a trillion dollar scale. "On Sept. 20, 2000, the...

brave, Make sure that someone turns off the lights when you leave the floor the last time. I guess an exotics clerk will do.

Def, My wording was clumsy. What I meant by that was ...the large option market making firms existing structure on the floors could not survive in a level playing field...

Dear Def, I agree with every point you made. I am unclear as to what you are saying I was wrong about. The mangers behind the major option market firms know what they are doing and could obviously survive in a level playing field environment, they would just not be dominant and have to make...

Gene, I have to agree with your suggestion. I would not be able to make a living (after adjusting for overhead) on the AMEX today. While you sight some of the factors, the major reason* is the market is not a level playing field. I don't think your big 4 market making entities could survive...

"Most upstairs traders on the retail level fail to understand unlike stock, there is no "real" orders in most options. When you are buying and selling, you are buying & selling to the floor option market maker. If the MM is constantly getting "picked" off electronicaly , the MM will not make...

"MM 's need to make a profit" there is an assumption here that we need what they are selling... pseudo continuous pseudo firm two sided quotes. If we don't need the product then MM's don't need to make a profit. A provider of a level playing field in equity options needs to make a profit...

Maybe cheating customers is not a good business model afterall. No tears here if they go under. In order to keep the hope of a future level playing field in equity options alive, please to not send them any orders. Your P/L will thank you.

IB has been a driving force in lowering fees in the retail brokerage business. I guess that translates into ruffled feathers. If you can't compete in the marketplace turn your legal and regulatory dogs loose. Given the stuff that goes down each day on wall street, is that all they could come...

Margin requirements would have to be the same for all exchanges. Risk based (market maker margins) x2 would seem reasonable. This is just a dream at this point. Current system punishes some low risk hedges with outrageous retail margin requirements. Long in the money call short stock is...

If you really are a "retail" guy, please be careful. You must realize options (as currently structured) are heavily rigged against you. Options have the potential to be a great trading product, but the playing field needs leveling. Just say no to a few option trades a week and see how your...

metooxx, Sorry on floor market making, not on cboe.

The current equity options markets are an embarrassment. I'm a former member of two of the five exchanges currently engaging in "pseudo competition". (And yes, I did benefit from having advantages which seemed justifiable given the available technology at that time.) The mere announcement...

The current equity options markets are an embarrassment. I'm a former member of two of the five exchanges currently engaging in "pseudo competition". (And yes, I did benefit from having advantages which seemed justifiable given the available technology at that time.) The mere announcement of...

Trader99, Wall Street people sometimes like to believe the street is more of a meritocracy than it really is. A bright person, coming straight from b-school, might be hired at the salary level you indicate (without inside connections). However someone with many years of experience, a top...

"Keep in mind we are the second largest day trading firm (maybe not by Don Bright math but definitely so by breathing traders) in this country behind Schonfeld" ...you are of course not counting all the true "professional daytrading firms" on the NYSE floor and upstairs...you know, the ones...

Dear def: I was thrilled to see that loc and moc (nyse and amex) orders have been added to latest version of TWS. IB really listens to its customers and makes constant improvements. That said, I tried using the loc order type and this seems to blank the limit price field. Still needs...

Def, perhaps you could give us some insight into IB's thoughts on NYSE Openbook. Is some integration planned as part of a fee service? Will it become part of Market Depth? Packaged with L2? Ignored? Thanks.

Its tough to read ... I truly wish you good luck finding something off-floor. The world has changed since option exchange floors came into being. The physical floors can no longer be justified. Customers and the firms representing them are growing tired of paying for them. In the years since I...

For a retail customer to trade exchange traded equity options as they are currently structured they would have have to be......(brain dead). It isn't the fault of marketing, they in fact have done too good a job. If the customer is required to get the short end of every trade, pay high...