Modification/Cancellation fees are illegal

Q

qdz3

The greedy U.S. options exchanges and brokers learn something from their European buddies. See the following thread.

http://elitetrader.com/vb/showthread.php?s=&threadid=14290&highlight=modification+cancellation
http://elitetrader.com/vb/showthread.php?threadid=15713

Now they are escalating and scaling up their illegal profitability.

I ask you to protest to SEC and NASD against the illegal fees for many reasons mentioned in the above threads.

Here is an additional practical reason. The exchanges and brokers cannot charge the new fee before they can provide full accurate traceable billing information. The information at least needs to include the time, transaction id, and amount of fee for each item debited/credited under the title of new fees. Only a total of the fee in the statement is not good and responsible enough. Write to SEC and NASD to block the new fees, NOW. Some nice people like me please help to draft a template letter to allow folks conveniently mail a copy.

I also call on a protest against the options exchanges and brokers. Stop trade with them or trade much less like 25% the ordinary volume you trade. For example, I trade around 500 transactions per month. I will only trade about 125 next month. This is not a protest but also a protection against the rule changes and malicious billings.
Do not hesitate to close out your account if they have counter-measures like increasing maintenance fee.

Don't you agree?

:p
 
Lots of things are illegal. Lots of things are unconstitutional. If there was a way to enforce the US constitution and eliminate all laws and government practices that violate the constitution, this would truly be a great country and "the land of the free". Unfortunately, this is the real world and the US is at best "the home of the brave".

You can complain and protest all you want if you live in a country which has actual freedom of speech, but even there you can't really make a difference. The world is evil, and it has always worked like this. The ones who happen to be the biggest, the sneakiest, the fastest, or just happen to find a powerful tool, will kill off the others. Life is war. And war is not about who is right, but who is left.

The way I see it, we are lucky to only have to pay money to the options mafia. It could be a lot worse. They could start cutting your tongue out if you cancel an order over the phone and chopping off your hand if you are found guilty (or not proven innocent) of trying to cancel an order electronically.
 
Okay, for now this topic is for Eurex/U.S. options only. But eventually it will belong to the "trading" forum as you will see this problem for futures and stocks. You have my words here!

The financial industry is desperate. Its day to knee down is coming! Many brokers, investment banks, and exchanges will no longer be there in the years to come.

:p
 
There is no actual transaction that take places . What do they charge for? What are the Tax treatment? When there is no way to avoid the fee, there will be more unanswered questions . This is illegal. SEC must do something. Fine the exchanges or close them.

:p
 
That's okay. You would not call me Nazi if I charge you $1.2 for post in a wrong thread and re-post it at other place. No next time. You won't get away.

:p

Quote from corvus:



Sorry Mr. Thread Nazi... :D
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qdz,

What if you just started to begin to notice how what used to be not the way it was before really began creating the notion of orange tuesdays not suppressing them until you were absolutely sure.

Right?
 
Please use a comma or rephrase the sentence. Otherwise I am sorry I don't understand you. Thanks.

:p

Quote from bundlemaker:

qdz,

What if you just started to begin to notice how what used to be not the way it was before really began creating the notion of orange tuesdays not suppressing them until you were absolutely sure.

Right?
More...
 
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