I am filling out a form from a prop firm, What does the below mean? Markets (quotes): (Please check only the ones you intend to trade with) United States Futures Markets ¡¼ New York Book ($65) ¡¼ CBOT/CME ($56) I intend to trade NYSE. What does "New York Book" mean?
NYSE Open Book is the specialists book on the floor of the NYSE, or the depth of the orders that are being sent to the floor. So you can see the overall price levels in the stock on the floor. It used to be more important before the market became more electronic, when specialists had more control on the stocks they were assigned to.
No, the level 2 is the depth of the overall book, so you can see everyones bids and offers. For example, when you are getting market data, the arca book will give you all the arca quotes and nasdaq total view will give you all the INET or NSDQ quotes (depending on the software) but with the NYSE, when you pay just for the regular data you will get the best bid and offer, you wont see the overall depth of book but for NYSE quotes it isnt really necessary unless its part of the strategy you will be using. I would recommend that you dont get that to start and if necessary you can add it down the road.