liquidating positions in illiquid markets

[stevenpaul]

Hi traders,

What recourse, if any, do we have when we need to liquidate an open option position, but the market maker doesn't show up to work? All last week, the TF option market was perfectly liquid and orderly. Today, nobody is making that market. Is there any way to track down the market maker and call them? Do they post a schedule as to when they plan to grace us with a liquid market? In the meantime, anyone want to sell me some TF Jun 2010 645 Calls?

 

[SomeYoungGuy]

Toss a small limit order out there and see if you get a nibble?

 

[nazzdack]

Quote from stevenpaul:
Do they post a schedule as to when they plan to grace us with a liquid market?

That is what is meant by trading "by appointment only".

 

[stevenpaul]

Quote from SomeYoungGuy:

Toss a small limit order out there and see if you get a nibble?

Not only did I try that, but I even tossed out a small market order and still got no attention. The order just sat there, "accepted and monitored by the exchange." These guys must have gone fishing today. They could have fleeced me on my market order, but it wasn't worth coming into the office, I guess.