Discussion in 'Order Execution' started by Marc to Market, Nov 20, 2002.

  1. Is there a reason why ADFN and INCA have to mirror one another? Pretty damn annoying if you ask me.

  2. I have not traded much nasdaq lately but aren't they the same thing. I thought INCA joined the ADFN or Alternate display facility.
  3. yeah it is pretty annoying

    i can't tell if it is a glitch or some wanker computer freak pegging my INCA orders on the naz...
  4. SubEtha


    I see what you're saying Marc, I didn't notice it earlier.

    That is weird.

    INCA and ADFN are mirroring share size, not at the exact same time either.
    It takes a half second for one to catch up with the other.

    Is this real? Or is this just how the L2 is displaying a merged quote? Or are they splitting the real quote between the two?

    If they are merged, it's really messing up the book, showing double the pressure that's really there.

    Anyone have any ideas?
  5. dvs


    INCA is the only one participating in the ADF, therefore the ADFN is INCA.
  6. dvs


    Because later on if there is someone else participating in the ADFN, you need to know who is behing the ADFN quote. I know this a little bit annoying, but that's the NASDAQ for ya....
  7. The ADFN / INCA thing is like the situation that used to exist when you had the island book integrated on level II and you could see the level II island MPID would lag the book changes slightly. Like someone said when INCA is the only ADF particpant you will see the INCA volume reflected exactly but slightly lagging. Thing is the book quote is quicker than the ADF quote that appears on the montage, that's the big problem with having ADF's and not a single quote system.
  8. Marc

    I wouldn't do that if I were you! Depending on how you trade you maybe putting yourself at a disadvantage because the ADFN quote lags slightly.:(
  9. The level 2 book i look at shows the complete island and instinet books.It was showing Island and CINN mirroring each other,and Instinet and ADFN mirroring each other.So i just filtered out ADFN and CINN from the level 2 book.