IB NYSE Book

Discussion in 'Retail Brokers' started by tntneo, Mar 28, 2002.

  1. tntneo

    tntneo Moderator

    It seems the NYSE book data subscription is available at IB now.
    Well, at least you can ask for it, but I don't remember any announcement (well, in fact I received a mail from IB management 10 days ago that an announcement was coming within 2 weeks).

    I am not sure the open book is useful but without trying I can't be sure. So anyone tried to subscribe to it ?

    Also, IB's data subscription page suggests the exchange will invoice directly.. well how ?

    anyone, anyone ?

    tntneo
     
  2. tntneo

    tntneo Moderator

    did anyone try it yet ?
     
  3. def

    def Interactive Brokers

    nyse requires a physical faxed signature. thus the need to go through NYSE.

    i guess more info will be given in the next communique.
     
  4. tntneo

    tntneo Moderator

    thanks def,
    well, since the month just began, I tried to subscribe to see for myself.
    it's like you said, after I downloaded and faxed to NYSE an agreement, IB should activate the subscription when they receive confirmation from NYSE.

    It does not mean NYSE book is useful, however the trading I do there should take advantage from it. Criticism in other threads is likely due to a comparison between Nasdaq Level II and Open Book. They don't compare. I think there is a use for it though. I will write more about it when I get to try.

    tntneo
     
  5. just had a piece this month about NYSE Open Book...to boil it down to a word or two, "ho hum" would do it. Still, I would really like to take a look at it and see what edge it might give me, if any.

    Jim
     
  6. tntneo

    tntneo Moderator

    yep.. all the feedback so far is negative.
    on the other hand that's material for an edge sometimes (if everyone benefits there is no edge, right!?). :)

    seriously, probably it is useless, just some money for NYSE, but you can't be sure until you see for yourself. That's not that expensive to check out, peanuts indeed.
    I'll write about it here, good or bad and why. I don't need it to make money. I might even hurt to have it (disruption, second guess). But again, maybe it's great for what I do, since I don't do what most are doing.

    tntneo
     
  7. tntneo

    tntneo Moderator

    It takes about 2/3 days to have NYSE Open Book active with you IB account.
    The procedure is fairly simple. I don't know about the payment yet, but OK. As soon as IB got confirmation from NYSE I could see the market data.

    the book itself is working fine and build for institutions with average price etc..
    with a click you create an order for the cumulative size until the level you selected.. not nice for me but anyway.

    once you place an order, it appears on the book within 10 secs (it can be quicker, it depends on the refresh cycle of the book, not when you place your order).

    as expected it is not like Nasdaq L2 and was not meant to be either.

    sad thing is IB limits to 3 Open Books at the same time. I don't know if it is a NYSE regulation or something (could be).

    it depends on your trading and I can imagine you can't scalp with it since it is delayed data somehow - a snapshot not fully realtime info.
    but to me this feature is very good and helpful. the $50 I am glad to pay, it pays for itself in 5 mn or so.

    tntneo