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Electronic trading and listings on multiple exchanges have spurred consolidation and shrinkage among firms specializing in options trading.
Since 2001, the number of specialist firms working the five major option exchanges has plummeted from more than 50 to todays count of 20 that handle the great majority of all option transactions. The firms still in business have cut back on their floor operations to reduce costs. The Amex and Philadelphia exchanges have been the hardest hit.
Read the entire article from TheStreet.com here.