What's the big diff between what we get now and this ? Need translation. Effective Wednesday March 1, 2017, IB will be terminating a market data service you've subscribed to and offering a variety of other services with different features and costs as a replacement. Details regarding this change are provided below and we recommend that you elect a replacement service prior to this termination date if you wish to continue receiving live quote feeds. What is changing and why? The service being terminated for your account xxxxxxxx is the U.S Securities & Futures Value Bundle for Non-Professionals.1 This service is being terminated due to a recent regulatory initiative requiring that U.S. stock quote feeds provide the consolidated National Best Bid & Offer (NBBO) from all market centers trading National Market System stocks (i.e., NYSE, AMEX and NASDAQ). What replacement services will be made available and at what cost? The replacement services are intended to accommodate those whose use of data is infrequent, and are therefore seeking to minimize the cost of data by paying on a per-use basis, as well as the more frequent users, whose cost is best minimized by paying a flat monthly fee. Services are as follows: U.S. Securities Snapshot & Futures Value Bundle for Non-Professionals - identical to the bundled service being terminated except that the streaming BATS exchange quotes will be replaced by a "snapshot quote". Here, the user elects when to update the quote and refresh the display with the current NBBO inclusive of the NYSE, AMEX and NASDAQ exchanges. The monthly fee for this service is USD 10 (waived if commissions of at least USD 30 are generated during the month) plus USD 0.01 for each snapshot requested. Note that the snapshot portion of the fee is not subject to waiver, regardless of commissions, but is capped at USD 1.50 per month by exchange.2 NYSE (Network A/CTA), AMEX (Network B/CTA) and/or NASDAQ (Network C/UTP) - clients may elect to subscribe to live streaming level 1 quote feeds from the NYSE, AMEX and/or NASDAQ at a cost of USD 1.50 each per month (not subject to waiver). If subscribed to the U.S. Securities Snapshot & Futures Value Bundle for Non-Professionals service, any of the individual exchange feeds also selected would serve to provide a live feed in lieu of the snapshot quote for that exchange. If not subscribed to the U.S. Securities Snapshot & Futures Value Bundle for Non-Professionals service, live quotes will only be available for stocks listed on the individual exchange feeds selected and delayed quotes, rather than snapshot quotes, will be provided for stocks listed on the other exchanges. Clients seeking live quote for all NMS stocks will need to subscribe to each of the NYSE, AMEX and NASDAQ services at a combined monthly cost of USD 4.50. What happens if I do not act? Clients are not required to subscribe to market data through IB and if you do not elect to subscribe to a replacement service prior to March 1, 2017, you will no longer receive live quote feed and will received delayed market data at no cost. To update your market data subscriptions, log into Account Management and select Manage Account, Trade Configuration and then Market Data menu options. For additional information regarding Snapshot quotes, please see KB2830. 1 Includes quotes for U.S. stocks on the four BATS exchanges, OTC stocks, futures and futures options from the four CME exchanges, various stock indices and U.S. bonds. 2 If a subscriber to this service requests at least 150 quotes for either of the NYSE, AMEX or NASDAQ in any given month, they will automatically be subscribed to the live streaming quote feed for that exchange at no extra cost for the remainder of the month.
The big difference? Well it's pretty clear. Before you could get a BATS-only feed for free. That was good enough for a lot of people, self included. Now you either pay $4.50, or you explicitly request quotes at the rate of $0.01/request (max $1.50 per one of NYSE, NASDAQ, AMEX quotes). Given that I personally don't do much outside of options, I'm wondering whether I should just stick to delayed data and the OPRA feed I'm already paying for. But having live underlying data is nice when I'm trying to close positions. Probably penny-wise and pound-foolish to not just pay the lousy $4.50.
I already subscribe to the old "US Value Bundle", "NASDAQ C/UTP", and "NYSE A/CTA" on IB's market data subscriptions. I don't really care about quotes from AMEX.... but I would like to know how I can continue to get streaming quotes from BATS... Either IB's Market Data subscription site doesn't list them, or it won't be offering them after they are taken out of the old "US Value Bundle".
Totally with ya. I wish there were greater depth/detail on *OPRA* I'd pay for that! But whole days go by that I don't hit a non-options page. The execution of it will be key. Like, how much money do we wish to spend to keep annoying BRIGHT YELLOW DATA FIELDS off of the screens we have to stare at for hours and hourz nnnn hrzzz-zzzz at a time.....
Just had a look at this... Wow has IB gone insane? This is kind of ridiculous. I mean, I already subscribe to the steaming feeds... but come-on, this is going to just annoy a lot of folks I think: http://ibkb.interactivebrokers.com/article/2830
This is imho not IB's fault but again the straight result from a fragmented US American stock market that is NOT equitable nor fair. Thank your lousy regulators for that who allowed some lobby groups to trade on alternative exchange venues a long time ago. Nowhere else in the world do you have that. At least not to such ridiculous degree. Yes there is chi-x in non US markets but there are still the primary exchanges where most all the action takes place outside the US. Domestically in the US market you simply will have to choose whether you want to subscribe to all exchanges and dark pools for pricing information or be left out in the dark. It may not be relevant for someone who trades on longer time frames but is very relevant for anyone holding short term. Nbbo is a complete nonsense concept to start with given that what you see in Nbbo is not a single exchange but you would have to have a smart router and re-router to chase best bids and offers from one exchange to another. It's a messed up system we are operating in yet it greatly benefits the operators in the background financially.
What I wonder however is whether IB is now forced to provide true real time data, not just snapshots in the way IB DEFINES it. I understand the snapshot concept as mandated by the regulator but does IB now offer a data product with true real-time market data? I would need to look into it in more detail over the weekend
There are two different concepts of "snapshot data". One is the definition as IB uses it. And yes they are the only one or one of the very few who disseminate snapshot data to frontend users. They do it to throttle the feed and keep it snappy even during fast moving markets, something a lot of other data providers had massive problems with in the past and still now. The other is the definition as set forth by the regulator, which is that brokers must now provide the ability to see a true Nbbo quote at any time the client requests, hence the term snapshot. If a broker already allows subscriptions to the true data feeds of ALL Exchanges a stock trades on then such broker already meets the new regulatory environment. But a broker would not meet it who only allows true real time feeds to a subset of all exchanges and hence does not offer an Nbbo view/snapshot/streaming update. That is how I understand it at least.