DMA Broker showing instituational market maker ID in order Book

Discussion in 'Retail Brokers' started by gr1n53nd, May 16, 2018.

  1. gr1n53nd

    gr1n53nd

    Hi,

    Im fairly new to this forum, however I wanted to ask for some advice since most of you seem to be fairly experienced.

    I am looking for a DMA Broker that offers Level 2 quotes that actually includes institutionl market maker IDs like JPMS etc. However please let me give you a little more detailed explanation.

    I got introduced to Level 2 Quotes mainly through cryptocurrency trading where most exchanges offer insight into market depth.
    However since I wanted to expand on the instruments available to trade I decided to open an account with Interactive Brokers, having read that they do offer Level 2 quotes through data subscriptions for various exchanges like NASDQ TotalView.
    Since I am living in Germany I subscribed to the German Spot Level 2 (Xetra) Datafeed. However, when I look through the order book I noticed that only ECN's and their IDs where showing up in the market maker ID column. Since that might have been a coincidence I went on to ask customer service regarding that issue, who explained that insituatinal market maker IDs are not included in the Level 2 data feeds. For some reason we got disconnected after that. I wasn't really sure if that restriction only applies to the Spot Germany Level 2 datafeed so I asked again if the NASDQ TotalView package would include institutional market maker ids. The response again was no, and we got disconnected again. After that I decided to look up the NASDQ TotalView on its website and apparently the package does offer insitutianl market maker ids. So I decided to call a different broker who told me that these quotes would be Level3 and are mostly to expansive to offer to retail clients anyway.

    However I was wondering if you could help me considering the following:

    Is there a broker that actually offers Level 2 (or Level 3) for stocks and Options and CFDs that includes insitutional market makers in the Marketdepth? An example would be JPMS or UBSS.
    Am I just expecting to much of a retail broker?

    Sorry for the slightly over explanatory text.
    I would be very grateful for a response, since im really disappointed in my broker selection.

    Thank you!
     
    NoodleStrudle likes this.
  2. I don't know of a retail broker that offers that. But I know that Bloomberg offers data subscriptions to see mm and broker IDs for certain assets, such as Hang Seng futures. Not sure about brokers though