November 12, 2008
I honestly believe the end of your agency over our markets is near the end. Based on the Wall Street Journal article today. The SEC has failed to regulate the ISE in accordance to all laws which were set to protect customers. The ISE has for over four years brought countless changes to its cancellation policy. They continue to blame customers for the overload of the systems with orders. When the problem has to do mainly with their institutional traders. We will look forward to the courts subpoening this information. I guess we are a fascist society which equals big business plus government. I have not seen the SEC stop the ISE in any of these cancellation policies. Does the SEC know that this leads to higher prices for all customers including institutional customers. There are plenty of exchanges, the option world will do fine without the ISE. The cancellation policy changes that the ISE have really shown their full deck. Without any doubts, the ISE is anti-competitive, anti-customer, anti-liquidity, the list goes on. The regulators need to do their job, otherwise give this mandate to another agency. The integrity of the entire system is in danger. I would hope the SEC would do their job and tell the ISE enough is enough.