Where do professional SPX traders do business?

S

solk

I am trading SPX options for almost two years now through Interactive Brokers. Im trading 100's of options a month now and noticed that I am paying way too much in commissions, mainly due to the "order cancelation fee" which is around 1.5-2$.

I am looking of taking my trading to the next level and wonder how do the pro's play options? Is it better to lease a cboe seat or what?

Thanks
 
Solk,

I dont have your answer to your question but I do trade SPX in the low hundreds a week. One of the reasons I dont use IB despite their better commissions is because of the cancelation fee. TOS doenst charge this but does have higher comission which you can talk them down. You would have to do a cost benefit analysis.
 
The best they would give me was $1/contract or $9.90 for a spread plus .65/contract. I got the second rate a while ago and trade more volume now so I should probably look into seeing if they will drop it more.
 
Aren't SPX options going electronic in the near future? Do you guys think this will improve the bid ask spreads and make it easier to get fills?
 
Uptick -
But they have a minimum of 9.95 or so, then I have to trade at least 10 options at ounce on the SPX, while I prefer legging in smaller increments. How do you manage that?

Noob -
On top of the outcry, aren't the trading SPX electronically also?
 
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