How Powerful is your level II

[FXTraderWill]

Quote from nugundam:

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But I thought i read somewhere that MMs/ Specialists use L3 quotes that see ALL ORDERS, both visible and invisible (reserve in this case). Any point of clarification here? What are L3 quotes if they don't see the invisible orders?

NYSE specialists/floor brokers can see hidden NYSE liquidity, though I'm not sure if they can see hidden reserves or just the displayed size.

AFAIK, no one can see hidden ECN orders or ECN reserves.

 

[daytrader06]

Quote from mnx:

the firm I trade at has NYOB, NYSE and all ecn's / books in one window... I don't understand why everyone doesn't do it that way.... Why on earth would I want that information split across 2 windows?

- mnx

Maybe, they don't want those delay quotes on books hurt themselves?

 

[blumartian]

Is access to NYSE open book, ARCA and Island books worth their respective monthly fees?

 

[AAAintheBeltway]

Quote from blumartian:

Is access to NYSE open book, ARCA and Island books worth their respective monthly fees?

I've previously said I found Open Book to be useless, so I'd say no for that. Maybe it would be helpful for thinly traded issues, but I can't say.

Most platforms provide ARCA and INet as part of Lev II so you'r enot paying extra for them, and yes, I do find them useful.

 

[Daal]

Quote from FXTraderWill:

NYSE specialists/floor brokers can see hidden NYSE liquidity, though I'm not sure if they can see hidden reserves or just the displayed size.

Are you sure about this?floor brokers using e-quotes and d-quotes on hidden mode can be hit eletronically and according to the NYSE site can be hidden from everybody(including the specialist)
The caveat is that if there is some manual trading going on he wont get anything

 

[speculatus]

Quote from Daal:

Are you sure about this?floor brokers using e-quotes and d-quotes on hidden mode can be hit eletronically and according to the NYSE site can be hidden from everybody(including the specialist)
The caveat is that if there is some manual trading going on he wont get anything

Yes, e-Quotes can be seen by specialists unless entered as "do not display" (but at least 1K shares have to be displayed).