[Mouton]

It was a testament to how the “system” worked before the advent of the discount brokers. Further complicating things was the trades were made in 1/8s or 1/4s point or more on more expensive stocks. There was no option market either except through “houses” that gave you a take it or leave it price which was not on a quote machine. Broker commissions were I believe regulated to boot. The backoffice bureaucracy was stifling too. Lastly, you got into your possession actual stock certificates if you wanted them.

[cuban leaf]

Yep. I didn’t even bother with the market until the discount broker thing became a thing. That is what made it possible for me to bother at all.

[zeestephen]

Re: "There was no option market either except through 'houses' that gave you a take it or leave it price which was not on a quote machine."

Sorry - that is completely ridiculous.

In the late 1990s, not only did we have real time option quotes, we had the ENTIRE ticker for Bid & Ask + Quantity.

I could make option trades on any stock or ETF (like QQQ and SPY) for less than $10.

Please stop making up stories about things you know nothing about!