I know this is an outdated thread.. but I couldn't seem to find a satisfying answer elsewhere.
Any resolution to this issue? Specifically, whether IB is showing correct aggregate level 1 bid/ask quote sizes on SMART?
The quote from their website:
specifically states (well, at least it does now) "NBBO is the top of book, representing the best bid and best offer from all contributing exchanges and ECNs. Full market depth includes orders that are outside of the NBBO and can allow traders insight into the strength of the total order book."
I see that this is really only referring to prices (not bid/ask sizes).
So, does one have to subscribe to ArcaBook for Equities, Nasdaq Totalview, and NYSE OpenBook RealTime to get complete aggregate bid/ask volumes, even for Level 1?
Hopefully this questioned has been answered elsewhere - if it already has been, I apologize.