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Not to worry. We have been profitable for some time. We are very different from most exchanges in that our revenues are dependent on Open Interest and not just on volume as we collect a financing fee for each day the positions are open. We built all of our systems and are in complete...

A little fun history lesson. The S&P 500 contract was going to be delisted by the CBOE back in 1985 because no one traded it and all the volume was in the OEX. Thomas Peterffy convinced the CBOE to re-launch the product as a European exercise contract and promised he would provide liquidity if...

We reject any inbound message that does not have a limit attached. Firms vary in the way they require their customers to enter the order. Some translate into marketable limit orders on behalf of their customers.

"It should be noted that almost none of the marketable orders (i.e., market orders or marketable limit orders) placed by retail investors are routed to an exchange for execution. See Concept Release on Equity Market Structure, Securities Exchange Act Release No. 61358 (Jan. 14, 2010), 75 FR...

The dealer model is already under some pressure due to ongoing capital constraints at the banks which is only going to get more restrictive. Large customers are already looking for new sources of liquidity and that will trickle down to the small customers who will eventually start thinking...

We would agree. Brokers are simply agents acting on your behalf. Broker Dealers are agents and money makers who traditionally provided liquidity by buying from sellers and then selling to buyers (plus a mark up called the spread) when the buyers and sellers were separated by time and space...

Narrower spreads over the years have provided a benefit to customers but the selling of order flow still restricts the customers to paying the offer and selling the bid....they pay the spread even if it is narrower. The market makers who are paying for the flow pay for market orders and not...

OCC did make a change that changed the economics for the broker dealers.

Important Notice for Hong Kong Customers: Closure of Operations for E*TRADE Hong Kong After careful review, ETRADE Securities (Hong Kong) Limited ("ETRADE Hong Kong") has decided to discontinue its brokerage operations in Hong Kong and give up its Hong Kong Securities and Futures Commission...

http://www.onechicago.com/?page_id=22379

For those with cash to invest there are some attractive opportunities:

Hello,

I am not sure. You can trade a number of weekly futures contracts that happen to expire every business day with T+1 settlement. But they are not options.

Operational problems. OCC systems are not designed to support contracts that both list and expire on the same day. Request was pulled.

Your short SPY position will be charged a borrow fee. You should expect about 55bps to be charged by your broker.

sorry....the above post got cut off. It should have finished: ......you will get SSF trading below the cash (SSF<STK_Price) with the distortion representing the Sec Lending rate. As expiry approaches the distortion abates and the SSF rises to be equal to the Stock price through expiration...

The answer to the question lies in the value of the product. SSF allow customers to carry exposure in a levered manner at very competitive interest rates. Brokerage firms make money from their customers not by charging $5/trade but by financing their customer's activity in margin accounts at...

-Dom It was not clear when I responded that you were a non-US resident subject to tax withholding on US source dividends. You may be aware that the US Treasury has issued proposed rules expanding their definition of 'dividend' to include 'dividend equivalents' for purposes of tax withholding...

You could carry your delta exposure in our NoDivRisk contracts that provide the same economics as holding the stock but there is no dividend payment.

Peter has not been with us for 8 years now.