Are Level II really needed today?

[OHR]

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). If you are a "professional" (are a registered rep for a brokerage firm, etc.) the extra cost is $40 per month ($70 if you don't already have Level II). Any broker that tries to charge you more is marking it up - which some do and some don't (while others don't charge you at all if you trade enough, or bundle it into some larger package).

See https://www.nasdaqtrader.com/easp/totalview_form.asp for more info on TotalView.

Regards - Bill

Bill O'Brien
Senior VP, Market Data
Nasdaq

Quote from couponjohn:

Someone posted a lik for TOTAL VIEW that offers it for 70 bucks a month ,, but then they offer Level II for 40 bucks,, I can get Level II from my broker for 9.95 a month.. Are they anyuone out there that offers TOTAL VIEW cheaper than 70 a month?

 

[couponjohn]

Quote from OHR:

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). If you are a "professional" (are a registered rep for a brokerage firm, etc.) the extra cost is $40 per month ($70 if you don't already have Level II). Any broker that tries to charge you more is marking it up - which some do and some don't (while others don't charge you at all if you trade enough, or bundle it into some larger package).

See https://www.nasdaqtrader.com/easp/totalview_form.asp for more info on TotalView.

Regards - Bill

Bill O'Brien
Senior VP, Market Data
Nasdaq

Your right I just didnt see that about the priceing, but its hard to find the service for 14 if your not trading with the trading company, the other seem to charge more than 14 for the service.

 

[alanm]

There are exchange fees (which are $9/$14), but then most vendors also charge an additional fee to cover the cost of developing, delivering, and supporting a particular software feature that is used to display the data. I wouldn't call that a "markup".

 

[limitdown]

so, which platforms support this? or is this an individual add on that you access from a webpage?

 

[OHR]

Quote from limitdown:

so, which platforms support this? or is this an individual add on that you access from a webpage?

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 someone else, let me know and I will provide status. In many ways you (the customer) have greater influence than we do to get a broker over the hump.

Regards - Bill

William O'Brien
Senior VP, Market Data
Nasdaq

 

[JackR]

If you use someone else, let me know and I will provide status. In many ways you (the customer) have greater influence than we do to get a broker over the hump.

Regards - Bill

William O'Brien
Senior VP, Market Data
Nasdaq

Bill:

Interactive Brokers??


Jack