displayable / non-displayable order

Discussion in 'Order Execution' started by reinauld, Oct 21, 2010.

  1. reinauld


    Hi all!

    When I read technical specs of market data feeds, I keep encountering the terms "displayable order" and "non-displayable order".

    Can anyone explain me the difference please?

  2. I know the term "displayed/non-displayed" liquidity, from various books. If you post a limit order on an exchange, everyone else can see it, and as such is displayed. Non-displayed liquidity is everything else, and can mean different things. For example iceberg orders, where only part of the size is visible, or orders posted on darkpools/ATS that dont dont display, or crossing networks with scheduled acutions, or even just human traders that didnt post an order but are willing to trade at a certain price.
  3. reinauld


    I think displayable/non-displayable order is different from regular/hidden order.

    I think when an order is received but has no counterpart, is stays in the order book, and it appears in the market data feed (under the form of a "add order" message) so that participant can include it in their own order book. It is a displayable order.

    When a corresponding counterpart order is received, both orders are immediately executed. So the second order won't appear in the market data feed as it is already executed. It is a non-displayable order.

    That's why when an execution occurs, the following messages appear in the market data feed:
    - an "order executed" message, corresponding to the execution of the first order (that was displayable)
    - as the second order was non-displayable, there was no "add order" message, so there can not be any "order executed" message. Instead there is a "trade" message, without order id, to denote the execution of the second order (that was non-displayable)

    Am I right or wrong?

  4. reinauld


  5. reinauld