Subject: Option Exchange Linkage

Date:    03/26/2000 1:08 AM
     
     
I read a recent article in the Wall Street Journal that stated that 
Arthur Levitt is urging the Option Exchanges to quickly link their 
markets.  I sent a response to the SEC re "Joint Industry Plan" - 
Release No. 34-42456 and I'm very concerned that the SEC is not aware of 
many problems with the current proposals by the five Option Exchanges. 
I have listed many of my concerns in my response.
     
I just hope that the SEC does this linkage PROPERLY not QUICKLY!  The 
current Options Market has never been so price competitive and I hope 
you don't let the Option Exchanges push through their own rules reducing 
this price competition.  After all, the reason for this linkage is to 
make the markets better for clients!  If the linkage is done poorly, the 
market could end up being a monopolistic market just like it was before 
multiple listing started.  All the current proposals will most certainly 
increase the bid ask spread in the options market.  This is very 
anti-competitve and obviously very bad for market participants.  Please 
read my comments for more details.
     
     
Be very careful!
     
     
Mike Ianni