The same as the ones anyone else can use except the NYSE quote would show floor-broker orders which a non specialist/floor broker can't see except for when they're on the inside market. So for example, a hidden NYSEbid at 29.50 you won't see if there is a bid on NYS at 29.51; but if the 29.50 bid is the inside NYSE quote, you can see it. However, even if the inside NYSE quote is higher than 29.50, the specialist can see that liquidity, as well as hidden liquidity at 29.30, etc. though not enough to serve as much of a practical, tradeable edge. You can generally figure out what the floor guys have by watching the stock trade anyway and you can scalp off of them quite predictably in certain situations.
Mine does. have you seen those LIIs that combine not just the inside NYS quote but the NYOB? Now that would take some getting used to trading off of...
To each his own. While the open book is useless without being interpreted in the context of the overall trend and, even more importantly, the prints, it can be very key in certain situations; if nothing else, it should also give you a feel for how much slippage you'll encounter when you want to get out with size.
Thank you, FXTraderwill Can MM/specialists see my hidden inet orders or the volume of my reserved arca orders?
the firm I trade at has NYOB, NYSE and all ecn's / books in one window... I don't understand why everyone doesn't do it that way.... Why on earth would I want that information split across 2 windows? - mnx
--------- But I thought i read somewhere that MMs/ Specialists use L3 quotes that see ALL ORDERS, both visible and invisible (reserve in this case). Any point of clarification here? What are L3 quotes if they don't see the invisible orders?