From: Will Bartlett [WBartlett@parallaxfund.com]
Sent: Friday, September 12, 2003 3:04 PM
To: 'rule-comments@sec.gov'
Cc: 'Alan Grigoletto'
Subject: SR-BSE-2002-15

Dear Mr. Katz:

 

I am writing to you in support of the Boston Stock Exchange's proposal to 
trade options.  I believe that the electronic structure, low transaction 
costs, the display of the five best limits for each option, and low barriers 
to entry will only improve liquidity, transparency, and spreads in the US 
options market.  The ISE significantly changed the options marketplace for 
the better by lowering costs and narrowing spreads, but it costs $1.6 million 
for the rights to be a market maker in 10% of their listings.  The BOX model 
will bring many potential liquidity providers (like Parallax, a BOX participant) 
into the marketplace that do not want to manage the logistics of floor based 
market making and do not want to pay a large price of entry into an electronic 
marketplace.

 

Sincerely,

 

William Bartlett

Parallax Fund, LP