True, SEC is what you said they are. But who else can I complain to? And you are right, they want to keep all the advantages, which means they just sit there and charge you or gain from you whatever they want. You cannot bid/ask at the same time. You cannot set multiple limit orders at different prices. They will enlarge the spreads. Then you have to accept cancellation as usual business expense. What a bunch of greedy SOBs. My suggestion is that the best way to deal with it is not to trade any more. I already said I am gonna be a mercenary or a contract killer when there is nothing left for me as a trader.
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Quote from qdz3:
Thank you very much. Send your mail/email copy or call them. Let them know what is happening!!! Don't let this be the second PDT rule. Don't let them walk away from this or you will regret to see it applies to stocks and futures fairly soon.
Amazing bull in that letter they sent you... and I don't mean bull market. :eek:
the SEC just plain does not do their job for anyone but the RICO violators on wall street. IF there was ever a conflict of interest in the USA... and there are many... this has to be the biggest. The SEC is the Fox guarding the public (hens)! What a joke. Almost makes a smart person want to puke when you see 'SEC'!
Just got off the phone with CBOE and they're sending me information on the origination of these cancel fees back in 2001; and the SEC information on approval of same. Remember that if a hedge fund cancels a 500 lot they get charged the same so-called "cancel fees" as a public investor/trader canceling a one---five lot, on for example, an index option. Yep that's good old american hypocrisy. Big money talks and the rest of US society gotta kiss their frickin arses.
I see no reason these fees should even be assessed in the first place against the member firms of the options exchanges. So now that they're being passed on to off-floor traders you won't just have a .10 spread on some options or more (rather than decimal spreads like the underlying) but a $1.30 point spread.
But NO such cancel fees on equity traders. Anyone think that might be unconstitutional. Duh?!
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