Does IB's Level II include ECNs?

Discussion in 'Retail Brokers' started by newestmember, Dec 10, 2003.

  1. I want to confirm whether IB's L2 quotes have integrated ECNs, as in, can you see INCA, ARCX, SIZE etc on their Level II quotes or not?

    If so, great, if not, WHY NOT?
  2. topping
  3. axehawk


    I'm also curious.
  4. me, too
  5. And I highly doubt that there is even one member of Elite Trader that uses IB's L2....if so, let hiim speak now!
  6. the answer is no.
  7. I've asked this question before and never received an answer either. One of the problems in switching from the expensive RealTick service is they have a very efficient Lev II display. What is the point of having a Lev II box if you exclude ecn's? And it is a big waste of screen real estate to have to open an ecn display.

    So which broker has a Lev II display that is the equal of RT? I believe you have some potential customers.
  8. IB NASDAQ Level II dcontains only SuperMontage participants.

    Most Level II systems do show the best bid/ask for ECNs just like other MMs. With CyberTrader and MB Trading, you can also have the full ECN Book consolidated in the level II display, not just the best bid/ask (both in their native applications and through QuoteTracker)
  9. jerry,

    Is it a question of the feed or the display s/w? Is QT dependent on how the feed supplies the Lev II data? So QT's Lev II would include the same data as IB's if that were the feed? How does IQFeed handle it?
  10. Its a bit of both. In theory, the client software (such as QT) can subscribe to both the NASDAQ Level II as well as Level I quotes for the same symbol for ISLAND and the other ECNs that IB supports, then combine the data. However, doing that uses up multiple symbol subscriptions and IB limits you to 40 Level I subscriptions total, so it would not be practical.

    With Cyber and MB - the ECN data is part of the Level II feed.
    #10     Dec 11, 2003