Fierce competition between 6 options exchanges.

Whenever there is competition in a marketplace for order flow, typically that means spreads tighten, and prices on both the bid and the ask sides get more attractive.

Competition among options exchanges has had this effect on options: more competition has made options generally more affordable. And as all you eagle-eye cost-watchers know, more affordability can make the difference between a strategy just breaking even and becoming profitable.

I have to take my hat off to the options exchanges and how they've accelerated options trading into the future. Their technology investments and deployment schedule have been impressive. Moves by the International Securities Exchange (ISE) -- like this latest one -- have spurred stellar technological responses by the Chicago Board Options Exchange (CBOE), the Amex, the Boston Exchange (BOX) and other players. It's really a virtuous circle for all options players: more competition, better technologies, tighter spreads, and just plain better pricing.

Up next -- NASDAQ is looking to enter options trading, meaning a seventh aggressive competitor is coming to the party.