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Don't overlook Direct Edge - has best rates for both removal and posting www.directedge.com

I think you should definitely consider TotalView. It does include some ECN data (All BRUT orders) but it does not include ARCA and INET. But Level II doesn't either (you need to get that directly from them). What TotalView does give you is: - 100% more displayed liquidity within .05 of...

More and more firms are starting to offer TotalView, here's a sample: eSignal - now available CyberTrader - now available AlphaTrade - now available Genesis - now available REDIPlus - now available Townsend/RealTick - some time in August TradeStation - around August 1 If you use...

I can't speak for all exchanges, but most (including Nasdaq) charge once per display device/platform. That means if you are getting data through two platforms (eSignal & RealTick, for example) you'd have to pay twice. If you are getting data through two devices from one vendor (say, eSignal on...

The Nasdaq pricing for TotalView should be thought of as how much more it is than Level II (assuming that you're already trading using Level II quotes). For "non-professionals" (that's an SEC defnition) the extra cost is $5 per month (if you're not already using Level II it is $14 per month)...

No problem - anyone interested more about TotalView and the recent improvements can look at the attached article from the June issue of Active Trader Magazine. The July issue of TA of Stocks & Commodities also has a product review.

Warren - I don't know when you last checked TotalView out, but it has become a lot more valuable in the last 6-9 months. You mention ECN books - TotalView now includes the full Brut ECN book (Nasdaq bought Brut ECN and integrated its order book into TotalView in April). In February the...

More and more firms are starting to offer TotalView, here's a sample: eSignal - now available CyberTrader - now available AlphaTrade - now available Genesis - now available REDIPlus - starting July 1 Townsend/RealTick - some time in July TradeStating - around August 1 If you use...

The moderator is correct to point out, when looking at Nasdaq market data, TotalView is what you should be asking for. To make sure people know the difference, Level II only shows ONE bid/offer from each firm quoting in Nasdaq (this includes both SIZE and BRUT). TotalView shows ALL bids an...

You are right about BRUT being willing to improve on their rates, but I'd disagree whether there are any trade-offs. One of the positives of Brut having the lowest rate to remove is that many active traders, and even major brokers (who use smart-routing technology like BRASS, Lava, and...

is the acronym for the old Nasdaq SelectNet system, which hasn't existed for a couple of years (since SuperMontage came out).

Using alanm's terms, BRUT's base rates: -.002 to add OTC/ETF/NYSE .0027 to remove OTC/ETF/NYSE .004 to take OTC/ETF/NYSE routed away Brut is the lowest to remove and rebates for adding in NYSE stocks.

Thanks for the kind words re my post. To answer the follow up questions: 1. Yes, the UTDF feed (even the prints of the regional exchanges) can contain trades that don't relate to the activity on the ECN that uses them. Currently that only really applies with respect to NYSE stocks, as...

It depends on what data feed(s) the quote vendor is giving. Nasdaq's main feed is called "NQDS", which gives you each the best quotes of each firm in SuperMontage (whether a market maker or an ECN). "Nasdaq Prime" has all the quotes of each firm in SuperMontage (some post quotes at multiple...

Brut is faster, has better rates to add and remove, sub-pennies for low-priced stocks like SIRI, and posts in and routes to SuperMontage and other ECNs.

The institutional broker is for their buy-side business (agency trading, soft dollars, etc.). The idea of Instinet ECN goes away completely. No more INCA, only INET. Only three big ECNs left to play in (ARCA, INET, BRUT).

Yes - quotes and prints are different. Brut quotes still in SuMo and Brut and BOSX quotes are different. However, all BOSX prints to the tape are BRUT

BRUT - all BOSX prints are from BRUT

Merging the books will only anger customers that like the unique features of each system. Here's two things that I've heard: a. Combined platform will be sub-penny in all stocks (like ISLD is now). Sub-penny haters will be ticked off b. The ISLD "hidden order" will be eliminated (it is...