Collar Project.

Client begins with account balance below

Net LIQUIDATING VALUE $16,449.74

TRADE ONE

Underlying SPY trading at $208.00

Original Trade 15 days

Buy the 205- 203 (1x)  Bearish put financed by the Naked sell of the 198 put (2) for a net credit.

Filled two units

MARGIN $12,700.00 or $6350.00 each, available adjusting buying power $3749.74

END OF TRADING DAY ONE.

TRADE TWO SAME THING WITH XLE no credit position, just a delta directional trade no THETA DECAY

next week Original spy trade will be closed either outstanding leg for less then .05 commission free or rode to zero and repeat

Closed at .05 4x no commission $20.00

RE imitated for the next two weeks

 (/vx future was at 14.50 or the vertical would have been two wide so it had to be reduced to 1.50, and we expect a lower move down in /vx) 

Credit .44 cents .. remaining front month .18 cents credit front put vertical .. I can either fly off for 10 cent credit or leave for back month positions potection.

FLYed off front vertical for .08 cents

reduces decaying close of the .18 front vertical to .10 cents (12 less commission)

Ending position

Front month 2 dollar wide fly , back month 1.50 wide 2x naked 4x single leg.


Close of back month spread done at 44 credit closed at .18

Made agressive 1 x 3 front month 3 day trade

Fill

Current three day Risk Graph

End of an Era.

Dear Mr. XXXXXXXXXX

 

RE:  TERMINATION OF FLOOR TRADER/FLOOR BROKER REGISTRATION

 

Your membership privileges at CME Group terminated on February 6, 2015.

 

CFTC regulations require that CME notify the National Futures Association ("NFA") of your termination within sixty days of the date that your trading privileges ceased.  Upon such notification, the NFA will terminate your Floor Broker or Floor Trader registration. Your sixty days end on April 7, 2015.  If you should decide to reapply for membership at CME after this date, you must also reapply for registration as a Floor Trader or Floor Broker.

 

 

Please read the following communications distributed to members today.

 

CME

 

2/4/2015­­

 

 

To Our Members,

 

This afternoon, CME Group announced that we will be closing most open outcry futures pits in Chicago and New York by July 2.  The S&P 500 Standard Futures pit, which continues to provide an important venue for trading the underlying futures contract for the S&P 500 options on futures contract, will remain open, as will all options pits in both locations except for the DJIA ($10) and NASDAQ 100 options markets.

 

With the exception of the S&P 500 futures and options on futures markets which will remain open beyond July, equity index futures pits and the DJIA ($10) and NASDAQ-100 options pits will close following the expiration of the June 2015 contract on June 19, 2015. All other futures pits will close on July 2.  In addition, in Chicago, all options pits will be located on a single floor in the company’s Financial Room by September, and the Denali order routing and Galax-C handheld trading systems will be decommissioned by July.

 

We have always been committed to maintaining an efficient marketplace for our global customer base.  And, unlike our competitors, we have provided a choice of venue by supporting open outcry trading for many years, allowing market participants to adapt as volume shifted to the screen.  However, open outcry futures volume has decreased by 75 percent since 2008, and now accounts for just one percent of our overall futures volume.  On the options side, we still see active trading on both the floor and the screen, and we will continue to keep those open outcry markets open as long as our customer base continues to show a viable preference for using both venues.

 

More information is provided in the attached news release, and we also want to take the opportunity to meet with you and answer your questions at members’ meetings in the coming days.  We understand that this is somewhat short notice of the meeting dates, but we want to make sure we answer your questions and discuss transition plans in person as quickly as possible.  The members’ meetings are limited to current member owners and will be held as follows:

 

• Chicago, Friday, February 6, 2015
  W Chicago City Center, Great Room I, 172 West Adams Street
  Registration begins at 2:45 p.m.  Meeting begins promptly at 3:30 p.m. CT
  Member owners must bring photo ID to gain admittance.
  
  
• New York, Wednesday, February 11, 2015
  Conrad Hotel Battery Park, West Ballroom, 102 North End Avenue
  Registration begins at 2:30 p.m.  Meeting begins promptly at 3:00 p.m.  ET
  Member owners must bring photo ID to gain admittance.
  

We look forward to meeting with you and talking further about this transition for our markets.

Sincerely,

 

 

****************************************************************************

 

 

MEMBER MEETING FREQUENTLY ASKED QUESTIONS

 

 

UPDATED FEBRUARY 5, 2015

This member meeting FAQ has been updated to reflect the fact that individual lessees are now able to attend member meetings held on February 6 in Chicago and February 11 in New York.

Who may attend the meeting?

 

 Individual owners and individual lessees of a CME, CBOT, NYMEX or COMEX membership.

 

 

 All individual owners and individual lessees must show a photo ID when registering at the meeting. This information will be used to confirm evidence of ownership/individual lessee status prior to admittance. Attendees will be admitted on a first come, first served basis. A block of seats will be reserved for member owners.

 CME Group may deny admission to the meeting of any individual who CME Group believes will significantly impair CME Group’s ability to conduct the meeting or may endanger other attendees.

 Any attempt to disrupt or interfere with the meeting or engage in conduct that could endanger other attendees will be cause for removal from the meeting.

 

Will this be the only communication on the floor transition? What if I can’t attend?

 

 CME Group will continue to communicate with the entire membership community throughout this transition through both written communication and standard pit community meetings.

 

 

How can owner firms attend the meeting?

 

 Firms that are owners of a CME, CBOT, NYMEX or COMEX membership can request in writing that one representative attend the meeting to represent their firm.

 Firms must email membership@cmegroup.com by 9am on Friday, February 6 for the Chicago meeting and 5pm on Monday, February 9 for the New York meeting.

 

 

 Only representatives submitted by this deadline will be admitted to the meeting. Individuals on a firm assigned lease will not be admitted unless they have been designated as the firm representative.

 All representatives must also show a photo ID when registering to attend the meeting.

 CME Group may deny admission to the meeting of any individual who CME Group believes will significantly impair CME Group’s ability to conduct the meeting or may endanger other attendees.

 Any attempt to disrupt or interfere with the meeting or engage in conduct that could endanger other attendees will be cause for removal from the meeting.

 

Will I be able to gain entry to the meeting after it begins?

 

 No. For the Chicago meeting, registration will begin at 2:45 p.m. on Friday, February 6, and the meeting will begin promptly at 3:30 p.m. No one will be admitted after 3:30 p.m.

 

 

 In New York, registration will begin at 2:30 p.m. on Wednesday, February 11, and the meeting will begin promptly at 3:00 p.m. No one will be admitted after 3:00 p.m.

 

RULES OF CONDUCT

 

 

Please observe the following rules of conduct at our member meetings so that we may have an orderly meeting and facilitate comments and questions.

 

 

Who may address the meeting?

 

 Only individuals who have been recognized by the Executive Chairman and President may address the meeting.

 

 

 The meeting is not to be used as a forum to present general economic, political or other views that are not directly related to the topic being discussed. Derogatory personal references, comments that are in bad faith, and comments or other conduct that is disruptive to the meeting will not be permitted and will be a basis for removal from the meeting.

 

How do I raise a question or comment?

 

 If you wish to address the meeting, please raise your hand and a microphone will be brought to you. Please wait to be recognized by the Executive Chairman and President. Our goal is to accommodate all that would like to speak at the meeting.

 

 

 Questions and comments should be pertinent and as brief as possible (and in any event, not more than two minutes), so that other attendees may have an opportunity to participate. The Executive Chairman and President may limit questions and comments regarding matters that have already been discussed, that relate to a personal concern or that are otherwise not appropriate for discussion at the meeting.

 

What other rules of conduct will be observed?

 

 Appropriate dress is required.

 

 

 No banners, placards or signs are permitted in the meeting.

 All briefcases, backpacks and other carryalls are subject to search. Other than that provided by CME Group, no food or beverage is allowed in the meeting.

 Please turn off or silence all cell phones, smartphones and other electronic devices.

 

 Photographing or audio/video recording any portion of the meeting, CME Group representatives, or other meeting attendees is prohibited. Persons deemed to be violating these rules may be removed, and the photo or recording may be confiscated. CME Group owns all rights to any photographs and audio/video recordings of the meeting. Any rebroadcast, retransmission, or other audio/video distribution of the meeting without the express written consent of CME Group is prohibited.

 

 

These rules of conduct are intended to benefit all attendees. The Executive Chairman and President has sole authority to preside over the meeting and make any and all determinations regarding the conduct of the meeting, including the administration and interpretation of these rules of conduct. Any action taken by the Executive Chairman and President at the meeting will be final, conclusive and binding on all persons. Any person who refuses to comply with these rules of conduct may be removed.

 

We thank you for your consideration.

 

Fun with unbalanced (skewed) condors (reader submission)



Start

Graph

Over lap,  forming center butterfly-offing risk, close wing,   long otm,  vertical close.

 

(as per conversation)

ISIS COLLAR

Count from bottom up!

Symbol	Quantity	Price	ActionNameUS	TradeDate	SettledDate	Interest	Amount	Commission	Fees	CUSIP	Description	ActionId	TradeNumber	RecordType	TaxLotNumber
ISIS FEB 20 2015 85.00 P	-5	15	Sell To Close	1/8/2015	1/9/2015	0	7494.33	-5.67	-0.17	4643309NHP	SOLD TO CLOSE 5 CONTRACTS OF OPTION ISIS FEB 20 2015 85.00 P AT $15.00	49	3	Trade	20150108XECBB81
ISIS JAN 17 2015 67.00 P	-2	0.9	Sell To Close	1/8/2015	1/9/2015	0	175.39	-4.61	-0.01	4643300MPP	SOLD TO CLOSE 2 CONTRACTS OF OPTION ISIS JAN 17 2015 67.00 P AT $0.90	49	9	Trade	20150108XAB3BE5
ISIS	-200	70.7281	Sell	1/8/2015	1/13/2015	0	14141.3	-4.32	-0.32	4.64E+08	SOLD 200 SHARES OF ISIS AT $70.7281	13	0	Trade	20150108XCA3266
ISIS JAN 17 2015 70.00 C	2	2.9	Buy To Close	1/8/2015	1/9/2015	0	-584.6	-4.6	0	4643305ASC	BOUGHT TO CLOSE 2 CONTRACTS OF OPTION ISIS JAN 17 2015 70.00 C AT $2.90	47	0	Trade	20150108XVC92F3			Collar
ISIS FEB 20 2015 85.00 P	5	16.5	Buy To Open	1/8/2015	1/9/2015	0	-8255.5	-5.5	0	4643309NHP	BOUGHT TO OPEN 5 CONTRACTS OF OPTION ISIS FEB 20 2015 85.00 P AT $16.50	46	0	Trade	20150108XNBB355			Close
ISIS JAN 17 2015 70.00 C	-2	1.87	Sell To Open	1/7/2015	1/8/2015	0	369.39	-4.61	-0.01	4643305ASC	SOLD TO OPEN 2 CONTRACTS OF OPTION ISIS JAN 17 2015 70.00 C AT $1.87	48	9	Trade	20150107XKAABAC
ISIS JAN 17 2015 61.50 P	-17	0.5	Sell To Close	1/7/2015	1/8/2015	0	840.88	-9.12	-0.02	464330HMJP	SOLD TO CLOSE 17 CONTRACTS OF OPTION ISIS JAN 17 2015 61.50 P AT $0.50	49	8	Trade	20150107XBC416D
ISIS JAN 17 2015 62.00 P	-1	0.64	Sell To Close	1/7/2015	1/8/2015	0	59.69	-4.31	-0.01	464330BMKP	SOLD TO CLOSE 1 CONTRACTS OF OPTION ISIS JAN 17 2015 62.00 P AT $0.64	49	9	Trade	20150107XSAADE6
ISIS	-1600	68.1409	Sell	1/7/2015	1/12/2015	0	109019	-6.41	-2.41	4.64E+08	SOLD 1600 SHARES OF ISIS AT $68.1409	13	3	Trade	20150107XAC088B
ISIS JAN 17 2015 63.50 C	17	5.8	Buy To Close	1/7/2015	1/8/2015	0	-9869.1	-9.1	0	464330DALC	BOUGHT TO CLOSE 17 CONTRACTS OF OPTION ISIS JAN 17 2015 63.50 C AT $5.80	47	0	Trade	20150107XWA3FE0
ISIS JAN 17 2015 67.00 P	2	2.2	Buy To Open	1/7/2015	1/8/2015	0	-444.6	-4.6	0	4643300MPP	BOUGHT TO OPEN 2 CONTRACTS OF OPTION ISIS JAN 17 2015 67.00 P AT $2.20	46	0	Trade	20150107XDAEE1B
ISIS JAN 17 2015 65.00 C	1	4.7	Buy To Close	1/7/2015	1/8/2015	0	-474.3	-4.3	0	4643307ANC	BOUGHT TO CLOSE 1 CONTRACTS OF OPTION ISIS JAN 17 2015 65.00 C AT $4.70	47	0	Trade	20150107XSCF63A
ISIS	-325	68.3489	Sell	1/7/2015	1/12/2015	0	22208.89	-4.5	-0.5	4.64E+08	SOLD 325 SHARES OF ISIS AT $68.3489	13	9	Trade	20150107XFCB5BF
ISIS	-25	68.19	Sell	1/7/2015	1/12/2015	0	1700.71	-4.04	-0.04	4.64E+08	SOLD 25 SHARES OF ISIS AT $68.19	13	1	Trade	20150107XEDA1AD
ISIS	-50	66.39	Sell	1/6/2015	1/9/2015	0	3315.42	-4.08	-0.08	4.64E+08	SOLD 50 SHARES OF ISIS AT $66.39	13	2	Trade	20150106XFDBD82
ISIS	-69	66.1	Sell	1/6/2015	1/9/2015	0	4556.79	-4.11	-0.11	4.64E+08	SOLD 69 SHARES OF ISIS AT $66.10	13	9	Trade	20150106XXA42BF
	-469	67.25723	SOLD
ISIS	3	66.01	Buy	1/6/2015	1/9/2015	0	-202.03	-4	0	4.64E+08	BOUGHT 3 SHARES OF ISIS AT $66.01	1	3	Trade	20150106XHCD044
ISIS	65	66.06	Buy	1/6/2015	1/9/2015	0	-4297.9	-4	0	4.64E+08	BOUGHT 65 SHARES OF ISIS AT $66.06	1	0	Trade	20150106XEA07EE
ISIS	100	66.21	Buy	1/6/2015	1/9/2015	0	-6625	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $66.21	1	0	Trade	20150106XEA0678
ISIS	100	66.4099	Buy	1/6/2015	1/9/2015	0	-6644.99	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $66.4099	1	9	Trade	20150106XHCCEC4
ISIS	100	67.32	Buy	1/6/2015	1/9/2015	0	-6736	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $67.32	1	0	Trade	20150106XTB2A94
ISIS	100	67.42	Buy	1/6/2015	1/9/2015	0	-6746	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $67.42	1	0	Trade	20150106XHD8BB3
	468	66.57165	BOT
ISIS JAN 17 2015 55.00 P	18	0.2	Buy To Close	1/5/2015	1/6/2015	0	-369.4	-9.4	0	4643305MDP	BOUGHT TO CLOSE 18 CONTRACTS OF OPTION ISIS JAN 17 2015 55.00 P AT $0.20	47	0	Trade	20150105XZBE2F3
ISIS	-25	67.99	Sell	1/5/2015	1/8/2015	0	1695.71	-4.04	-0.04	4.64E+08	SOLD 25 SHARES OF ISIS AT $67.99	13	1	Trade	20150105XCAF926			Scalp
ISIS	-25	67.59	Sell	1/5/2015	1/8/2015	0	1685.71	-4.04	-0.04	4.64E+08	SOLD 25 SHARES OF ISIS AT $67.59	13	1	Trade	20150105XNCD44F
ISIS	-25	67.24	Sell	1/5/2015	1/8/2015	0	1676.96	-4.04	-0.04	4.64E+08	SOLD 25 SHARES OF ISIS AT $67.24	13	6	Trade	20150105XCAF920
ISIS	-25	64.29	Sell	1/5/2015	1/8/2015	0	1603.21	-4.04	-0.04	4.64E+08	SOLD 25 SHARES OF ISIS AT $64.29	13	1	Trade	20150105XND09A5
ISIS	100	62.71	Buy	12/29/2014	1/2/2015	0	-6275	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $62.71	1	0	Trade	20141229XAA2B55
ISIS JAN 17 2015 63.50 C	-17	2.9	Sell To Open	12/24/2014	12/26/2014	0	4920.79	-9.21	-0.11	464330DALC	SOLD TO OPEN 17 CONTRACTS OF OPTION ISIS JAN 17 2015 63.50 C AT $2.90	48	9	Trade	20141224XZDE9D3			Collar
ISIS JAN 17 2015 55.00 P	-17	1.6	Sell To Open	12/24/2014	12/26/2014	0	2710.83	-9.17	-0.07	4643305MDP	SOLD TO OPEN 17 CONTRACTS OF OPTION ISIS JAN 17 2015 55.00 P AT $1.60	48	3	Trade	20141224XRBE94C
ISIS JAN 17 2015 61.50 P	17	4.5	Buy To Open	12/24/2014	12/26/2014	0	-7659.1	-9.1	0	464330HMJP	BOUGHT TO OPEN 17 CONTRACTS OF OPTION ISIS JAN 17 2015 61.50 P AT $4.50	46	0	Trade	20141224XFB96F5
ISIS	300	60.21	Buy	12/23/2014	12/29/2014	0	-18067	-4	0	4.64E+08	BOUGHT 300 SHARES OF ISIS AT $60.21	1	0	Trade	20141223XLBB4B8
ISIS	300	60.51	Buy	12/23/2014	12/29/2014	0	-18157	-4	0	4.64E+08	BOUGHT 300 SHARES OF ISIS AT $60.51	1	0	Trade	20141223XZB815D
ISIS	100	60.51	Buy	12/23/2014	12/29/2014	0	-6055	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $60.51	1	0	Trade	20141223XLA94C3
ISIS	200	60.31	Buy	12/23/2014	12/29/2014	0	-12066	-4	0	4.64E+08	BOUGHT 200 SHARES OF ISIS AT $60.31	1	0	Trade	20141223XDDA65B
ISIS	100	60.81	Buy	12/23/2014	12/29/2014	0	-6085	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $60.81	1	0	Trade	20141223XDC01FF
ISIS	100	60.71	Buy	12/23/2014	12/29/2014	0	-6075	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $60.71	1	0	Trade	20141223XABABAF
ISIS	98	61.1049	Buy	12/23/2014	12/29/2014	0	-5992.28	-4	0	4.64E+08	BOUGHT 98 SHARES OF ISIS AT $61.1049	1	8	Trade	20141223XDC01E0
ISIS	1	61.11	Buy	12/23/2014	12/29/2014	0	-65.11	-4	0	4.64E+08	BOUGHT 1 SHARES OF ISIS AT $61.11	1	1	Trade	20141223XCC0B59
	1199	60.65936	BOT
ISIS JAN 17 2015 55.00 P	-1	1.07	Sell To Open	12/22/2014	12/23/2014	0	102.69	-4.31	-0.01	4643305MDP	SOLD TO OPEN 1 CONTRACTS OF OPTION ISIS JAN 17 2015 55.00 P AT $1.07	48	9	Trade	20141222XMA7C79			Collar
ISIS JAN 17 2015 65.00 C	-1	3.14	Sell To Open	12/22/2014	12/23/2014	0	309.69	-4.31	-0.01	4643307ANC	SOLD TO OPEN 1 CONTRACTS OF OPTION ISIS JAN 17 2015 65.00 C AT $3.14	48	9	Trade	20141222XYC6865
ISIS JAN 17 2015 62.00 P	1	3.5	Buy To Open	12/22/2014	12/23/2014	0	-354.3	-4.3	0	464330BMKP	BOUGHT TO OPEN 1 CONTRACTS OF OPTION ISIS JAN 17 2015 62.00 P AT $3.50	46	0	Trade	20141222XEB82B0
ISIS	1	61.51	BOT	12/22/2014	12/26/2014	0	-65.51	-4	0	4.64E+08	BOUGHT 1 SHARES OF ISIS AT $61.51	1	1	Trade	20141222XRBD863
ISIS	-100	65.49	Sell	12/19/2014	12/24/2014	0	6544.85	-4.15	-0.15	4.64E+08	SOLD 100 SHARES OF ISIS AT $65.49	13	5	Trade	20141219XLDEC86
ISIS	-100	64.98	Sell	12/19/2014	12/24/2014	0	6493.85	-4.15	-0.15	4.64E+08	SOLD 100 SHARES OF ISIS AT $64.98	13	5	Trade	20141219XLCF1E9
ISIS	-300	64.462	Sell	12/19/2014	12/24/2014	0	19334.15	-4.45	-0.45	4.64E+08	SOLD 300 SHARES OF ISIS AT $64.462	13	5	Trade	20141219XNC6A02
ISIS	-200	64.8415	Sell	12/19/2014	12/24/2014	0	12964.01	-4.29	-0.29	4.64E+08	SOLD 200 SHARES OF ISIS AT $64.8415	13	1	Trade	20141219THB410B
	-700	64.94338	SOLD
ISIS	100	61.31	Buy	12/19/2014	12/24/2014	0	-6135	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $61.31	1	0	Trade	20141219XQA55F6
ISIS	200	61.01	Buy	12/19/2014	12/24/2014	0	-12206	-4	0	4.64E+08	BOUGHT 200 SHARES OF ISIS AT $61.01	1	0	Trade	20141219XIC6E28
ISIS	100	61.51	Buy	12/19/2014	12/24/2014	0	-6155	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $61.51	1	0	Trade	20141219XID3A92
ISIS	100	61.71	Buy	12/19/2014	12/24/2014	0	-6175	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $61.71	1	0	Trade	20141219XIBCE07
ISIS	100	62.21	Buy	12/19/2014	12/24/2014	0	-6225	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $62.21	1	0	Trade	20141219XRAFBE3
ISIS	100	62.01	Buy	12/19/2014	12/24/2014	0	-6205	-4	0	4.64E+08	BOUGHT 100 SHARES OF ISIS AT $62.01	1	0	Trade	20141219XHA793E
ISIS	101	62.76	Buy	12/19/2014	12/24/2014	0	-6342.76	-4	0	4.64E+08	BOUGHT 101 SHARES OF ISIS AT $62.76	1	6	Trade	20141219XVCE913
	801	61.78857	BOT