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+22 Part I: Basic Properties of Stock Options 
+in a very small percentage of cases, he could be assigned under very illogical cir­
+cumstances. 
+THE OPTION MARKETS 
+The trader of stocks does not have to become very familiar with the details of the way 
+the stock market works in order to make money. Stocks don't expire, nor Cal} an 
+investor be pulled out of his investment unexpectedly. However, the option trader is 
+required to do more homework regarding the operation of the option markets. In 
+fact, the option strategist who does not know the details of the working of the option 
+markets will likely find that he or she eventually loses some money due to ignorance. 
+MARKET-MAKERS 
+In at least one respect, stock and listed option markets are similar. Stock markets use 
+specialists to do two things: First, they are required to make a market in a stock by 
+buying and selling from their own inventory, when public orders to buy or sell the 
+stock are absent. Second, they keep the public book of orders, consisting of limit 
+orders to buy and sell, as well as stop orders placed by the public. When listed option 
+trading began, the Chicago Board Options Exchange (CBOE) introduced a similar 
+method of trading, the market-maker and the board broker system. The CBOE 
+assigns several market-makers to each optionable stock to provide bids and offers to 
+buy and sell options in the absence of public orders. Market-makers cannot handle 
+public orders; they buy and sell for their own accounts only. A separate person, the 
+board broker, keeps the book of limit orders. The board broker, who cannot do any 
+trading, opens the book for traders to see how many orders to buy and sell are placed 
+nearest to the current market (consisting of the highest bid and lowest offer). (The 
+specialist on the stock exchange keeps a more closed book; he is not required to for­
+mally disclose the sizes and prices of the public orders.) 
+In theory, the CBOE system is more efficient than the stock exchange system. 
+With several market-makers competing to create the market in a particular security, 
+the market should be a more efficient one than a single specialist can provide. Also, 
+the somewhat open book of public orders should provide a more orderly market. In 
+practice, whether the CBOE has a more efficient market is usually a subject for heat­
+ed discussion. The strategist need not be concerned with the question. 
+The American Stock Exchange uses specialists for its option trading, but it also 
+has floor traders who function similarly to market-makers. The regional option 
+exchanges use combinations of the two systems; some use market-makers, while oth­
+ers use specialists.