I have been options trading for more than 10 years - mostly on the US markets. A few months ago I decided to try the ASX ETOs. I am frustrated with trading options in Australia - bid/ask spreads are awful, liquidity is almost non-existent even on the most 'liquid' of the stocks. As an example, a few days ago tried to enter a NAB bull put spread by selling NAB June 15 $30.64 puts and buying NAB June 15 $29.65 puts when NAB was traded at $31.80. The quotation I got was a credit of $0.15 bid - a debit(!) of $0.005 offer. Seriously, who would enter a credit spread for a debit? Is anyone actually trading successfully using ETOs on the ASX?