Thanks Captain. I actually think I'd clean up on the US markets with the range of stocks you can trade options with there. I regularly identify trading opportunities here but there's no options coverage for the stock. Australia is actually a really difficult market with limited coverage and poor pricing as I understand it. Can I ask a technical question on setting it up though and this might sound a bit naive or strange.
At the start of this year I researched brokers and worked out that only Interactive Brokers appeared cost effective enough and with sufficient service level to make US Options trading for an Australian-based trader doable. But the problem was lack of customer service as they target professionals only.
I use Etrade to trade Australian options here and occassionaly Commsec for other accounts but they both have their limitations (particularly Commsec). The main one is that I have to telephone them first to get the market makers spread before I place an options trade, because of lack of liquidity I assume. It seems a really anachronistic system that bugs the hell out of me but that's what both these brokers tell me I have to do. I've only been trading with options for a bit over a year (was using mostly Mini warrants before that) and I just wondered how I could practically trade the US markets through IB with that sort of telephone approach and gave up pursuing it until I had built more experience with options and spread trades etc..
The answer is probably that with the liquidity of the US you get proper market maker quotes on-line in real time, but I'd appreciate your confirming or anything else I need to know or suggested resources to do trade US Options. Also not sure what new rules for market-makers you are referring to.
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