I found this thread from 2011 (Original poster Traderham to give credit) in the Execution forum and wanted to move it over to the data feed forum and revive this thread because this is the exact question I have been thinking about. Even though this was from 2011, the question and the details seem as relevant now as they were then. I have just changed platforms and gone back to visiting my subscriptions page. I do daytrade when the opportunity is there and would like to view market depth. But I'm not sure if all three are necessary: Nasdaq TotalView NYSE Open Book ArcaBook All of the above provide market depth, but I'm confused about some of it. The explanations I find for the above are unclear. Maybe someone can shed some light 1. Isn't Arca owned by NYSE? Arcabook is "top of the book bid/ask last prices for securities listed on NYSE Arca and ArcaEdge". What do they mean by "top of the book"? Isn't that just regular level 1 bid/ask? And why do brokers want $10/month for this info? Are there securities that are only listed on Arca and not on the NYSE? Wouldn't the NYSE Open book already contain everything in Arcabook? 2. Nasdaq Total View is market depth for Nasdaq listed stocks and some other ECN's. Brokers usually want $15/month (same prices as the Nasdaq Data Store, and you get net order imbalance for free). Nasdaq Total View also displays market depth for securities that may NOT be listed on Nasdaq, by they just trade there. Will this include info from Arcabook? 3. NYSE Open Book is for view of the limit order book for all NYSE traded securities (note: not just for "listed" securities, but for "traded" securities). Won't this overlap Nasdaq Total View or ArcaBook? The total subscription price for all 3 is about $35. Not that material. I'm just curious to see if all three are really necessary. I know this all depends on what securities you trade and where they're listed. Any other opinions/info? #1 Jan 3, 2011 Report Like Reply Share
I realize I'm replying to my original thread but I did want to add one comment separate from the original post. From the Nasdaq website: "BookViewer Achieve better trade performance by viewing all the buy and sell orders in NASDAQ for securities listed on NASDAQ, the NYSE and the Amex. Powered by NASDAQ TotalView" With this, it would seem that Nasdaq TotalView includes the information from NYSE Openbook?
Nasdaq, NYSE, and Arca are three different exchanges with their own listings. If you do not pay for that feed, you do not see the data for the symbols listed on that exchange. E.G. AAPL is on NASDAQ. IF you do not pay for NASDAQ you do not see prices for AAPL.
Understood although Nasdaq Totalview states that it displays "all the buy and sell orders in NASDAQ for securities listed on NASDAQ, the NYSE and the Amex".
You are confusing listing with trading. Let’s say you want to buy AAPL. You can send your order to NASDAQ or Arca or EdgeX, etc. If you sent your order to NASDAQ, it will be published on TotalView, but if you sent to Arca, you will only only see it if you subscribe to Arca Book. So to see complete picture you need all books.