Are Level II really needed today?

Discussion in 'Order Execution' started by couponjohn, Jun 20, 2005.

Is Level II need anymore with todays automation?

  1. Yes They are needed

    52 vote(s)
    53.6%
  2. No they are no longer needed

    45 vote(s)
    46.4%
  1. OHR

    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

     
    #31     Jun 30, 2005

  2. 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.
     
    #32     Jul 1, 2005
  3. alanm

    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".
     
    #33     Jul 1, 2005
  4. so, which platforms support this? or is this an individual add on that you access from a webpage?
     
    #34     Jul 13, 2005
  5. OHR

    OHR

    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
     
    #35     Jul 13, 2005
  6. JackR

    JackR

    Bill:

    Interactive Brokers??


    Jack
     
    #36     Aug 24, 2005