In this episode, Mark is joined by Steve Crutchfield, Head of U.S. Options at NYSE.

They discuss:

• The integration with ICE from an options perspective
• ICE Chat: message-based order tickets and execution
• Fragmentation of liquidity in the options space
• Penny pilot program: is it time to retire it?
• Technological failures: are they related to fragmentation?
• When do the benefits outweigh the risks for adding new trading venues
• The little-discussed aspects of Flash Boys
• The reasons mini options are failing