DMA Broker showing instituational market maker ID in order Book

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

  1. gr1n53nd



    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