Market Data question

[BlueOcean]

Hi,

At my brokerage firm I can purchase
NYSE, ARCA, and NASDAQ data.

1) So if I do not purchase say ARCA data, I know I will not see any of the ARCA bid / ask quotes, however will I still receive a trade that has occured on ARCA?

2) So is there no fee for seeing the BATS, Direct Edge books?

I'm mosting sending market orders, so for all practical purposes do I really need all (3) data fees?



Thanks

 

[jjw]

Quote from BlueOcean:

Hi,

At my brokerage firm I can purchase
NYSE, ARCA, and NASDAQ data.

1) So if I do not purchase say ARCA data, I know I will not see any of the ARCA bid / ask quotes, however will I still receive a trade that has occured on ARCA?

jjw: your brokerage may be routing your trades to ARCA or the exchange to which your trades are sent may route the order to ARCA. This can happen if you have given your broker permission to route as such or if the exchange has been given permission to route as such. you may have given permission when you signed up with your broker (very fine print). this can be good for you if the best price at which your market order would be executed is at ARCA - instead of waiting for the market to come to you at the exchange to which you sent the order, your order got routed to the exchange with the best price.

by the way, this is independent from where you get your market data.

2) So is there no fee for seeing the BATS, Direct Edge books?

jjw: no fee for market data from BATS.

I'm mosting sending market orders, so for all practical purposes do I really need all (3) data fees?

jjw: your decision. it all depends upon how much market data your models need and whether one exchange provides enough for all instruments of interest to you.


Thanks