I have floor trading experience and here is another opinion.
I agree with the guy who says the ISE sucks.
They don't often trade on their markets, but they are getting
better as they take more market share from everyone else.
They always faded, in the issues I traded. I was never filled on
anything of any size, a 1 lot or 5 lot.
A year ago they were a joke, and they really aren't that much
better now. Remember the ISE is backed by some of the biggest
firms and they are investing in the future. Order flow is where
it's at for these guys. When the volume returns to equity
options he who has the paper will be very rich.
Here is how I see the floor:
SLK/Hull wants order flow,
especially large orders, and they are willing to lose money
to get it. How do you compete with that?
SIG as always seems to take large risk to get profits.
Knight is somewhere in the middle.
Timberhill is not as big a player, and their traders are known
as "box traders", push the button when the box lights up.
But, Mr. Peterfy is a genius and Timber continues to be
profitable. The Timberhill traders that came and went from our
pit and the other pits around us were not good. Some only traded from one side of their box the worst were totally clueless.
But, again, Peterfy has always been ahead of the curve, and only
uses these people as foot soldiers and information providers.
Wolverine, Botta, Group 1, may well be absorbed like all of the
other small to mid size firms that have fallen or given up.
So let me ask you this. It looks like equity options may become
some sort of oligopoly or maybe a monopoly if the ISE eats
all the volume. Is this type of environment the best thing for the
retail investor which the SEC always tries soooooo hard to
protect? Or maybe the old system of pure competition where
the market maker is fucking you all day long is a little better?
Because believe me, the market maker is out to screw the fast
money BD, not the 10 lot guy. Look what oligopoly, (I know this is a horrible comparison), has given us so far in the Middle East.
Thats all.
Oh yeah, nicholas, here's me wasting more of my time on you.
How will you ever get a high school degree.
Your grammar and spelling probably rates 3rd grade.
The rest of your education must be comparable.
Your arrogance and stupidity are embarrassing and the quality
of your posts drags the whole web site down.
You are in for some hard life lessons and reality checks.
I agree with the guy who says the ISE sucks.
They don't often trade on their markets, but they are getting
better as they take more market share from everyone else.
They always faded, in the issues I traded. I was never filled on
anything of any size, a 1 lot or 5 lot.
A year ago they were a joke, and they really aren't that much
better now. Remember the ISE is backed by some of the biggest
firms and they are investing in the future. Order flow is where
it's at for these guys. When the volume returns to equity
options he who has the paper will be very rich.
Here is how I see the floor:
SLK/Hull wants order flow,
especially large orders, and they are willing to lose money
to get it. How do you compete with that?
SIG as always seems to take large risk to get profits.
Knight is somewhere in the middle.
Timberhill is not as big a player, and their traders are known
as "box traders", push the button when the box lights up.
But, Mr. Peterfy is a genius and Timber continues to be
profitable. The Timberhill traders that came and went from our
pit and the other pits around us were not good. Some only traded from one side of their box the worst were totally clueless.
But, again, Peterfy has always been ahead of the curve, and only
uses these people as foot soldiers and information providers.
Wolverine, Botta, Group 1, may well be absorbed like all of the
other small to mid size firms that have fallen or given up.
So let me ask you this. It looks like equity options may become
some sort of oligopoly or maybe a monopoly if the ISE eats
all the volume. Is this type of environment the best thing for the
retail investor which the SEC always tries soooooo hard to
protect? Or maybe the old system of pure competition where
the market maker is fucking you all day long is a little better?
Because believe me, the market maker is out to screw the fast
money BD, not the 10 lot guy. Look what oligopoly, (I know this is a horrible comparison), has given us so far in the Middle East.
Thats all.
Oh yeah, nicholas, here's me wasting more of my time on you.
How will you ever get a high school degree.
Your grammar and spelling probably rates 3rd grade.
The rest of your education must be comparable.
Your arrogance and stupidity are embarrassing and the quality
of your posts drags the whole web site down.
You are in for some hard life lessons and reality checks.
