You can see Knight's retail limit order book during market hours. http://www.knight-sec.com/disclaimer/bookWelcome.asp _______________ Welcome to NITE Book - The Display of Knight Securities, L.P's Limit Order Book NITE Book provides a real-time view of Knight Securities' limit order book for Nasdaq stocks. NITE Book is an electronic representation of limit orders - orders by investors to buy or sell securities at a specified price or better - received from Knight's broker-dealer clients for execution during regular market hours of 9:30 a.m. to 4:00 p.m. Eastern Standard Time. Knight Securities, a wholesale market maker, does not accept orders directly from retail investors. Knight supports a fair and open marketplace. The availability of limit order books like NITE book contribute to this transparency and increase the number of informed investors participating in the market. Knight, which executes a significant number of trades for broker-dealers serving the self-directed individual investor, is the first market maker to open its limit order book to public view. NITE Book only contains information regarding limit orders received by Knight Securities from its broker-dealer clients and does not reflect Knight's institutional orders. NITE Book does not necessarily represent prices available on Nasdaq or any other market or exchange. Information displayed on NITE Book is not guaranteed to be timely or accurate - it is an electronic representation of Knight's limit order book for the Web, and pages must be manually refreshed. NITE Book is for informational purposes only - do not use NITE Book for making investment decisions. Please see Our Terms of Service. -------------------------------------------------------------------------------- NITE Book Q&A What is a limit order? A limit order is an order to buy or sell a specified amount of a security at a specified price or better. A buy limit order will never be executed above the limit price; a sell limit order will never be executed below the limit price. A limit order differs from a market order, or an order to buy or sell stock as soon as possible at the competitive market price. Why is Knight Securities showing its limit order book? Knight supports a fair and open marketplace, including the availability of limit order books to the general public. Such availability improves transparency and helps inform investors. While Knight does not directly serve the retail investor, the Company executes a significant number of trades for broker-dealers serving the self-directed individual investor. Knight is the first market maker to open its limit order book to public view. What information does NITE Book provide? â¢All buy and sell limit orders received by Knight Securities for each Nasdaq stock â¢Aggregate view - Sums the volume of all buy orders at the descending bid prices and sell order volume at the ascending ask prices â¢Unaggregate view - Shows each order individually with its corresponding bid/ask price â¢Total number of buy and sell limit orders for each stock â¢Number of shares in each limit order â¢Price for each limit order â¢Total number of shares for all of the limit orders for each stock â¢Average buy and sell price for all of the limit orders for each stock â¢The time, price and size of the last trade executed by Knight for each stock â¢Ticker symbol and company name â¢Time stamp How does NITE Book work? By entering a ticker symbol in the "Symbol" field, and clicking on the "Submit" button, the limit order book will be generated for that security. By default, the book will return 10 entries per side and aggregate orders at each price level. Press the "Submit" button to refresh the page to access the most recent data in the limit order book. Does NITE Book show limit orders for extended-hours trading? NITE Book displays limit orders to be executed during regular market hours, 9:30 a.m. to 4 p.m. Eastern Standard Time. These orders may have been placed at any time. NITE Book does not show orders for execution outside of regular market hours. How many decimal places are shown in prices on NITE Book? Prices for limit orders are shown to the fourth decimal place, or 1/10,000th. Knight accepts limit orders to four decimal places. What kind information does NITE Book exclude? NITE Book only shows limit orders received by Knight Securities. NITE Book does not show other limit orders in the marketplace. It does not necessarily represent prices available on Nasdaq or any other market or exchange. NITE Book does not define whether a limit order is an open limit order, day limit order, etc. NITE Book does not show the identity of investors who placed limit orders. Can I use NITE Book to trade? NITE Book is provided for informational purposes only and is not intended for trading purposes. Investors cannot interact with NITE Book. Information displayed on NITE Book is not guaranteed to be timely or accurate. NITE Book does not necessarily reflect the best bid or offer. Do not use NITE Book for making investment decisions. Does NITE Book show all stocks? NITE Book shows all Nasdaq stocks in which Knight processes order flow. However, Knight may not have limit orders for a given stock at all times, especially for less liquid stocks. In that case, NITE Book will not have any limit order data available for that security. Why can't I find limit orders for Knight Trading Group's stock (Nasdaq: NITE) on NITE Book? Knight Trading Group does not make a market in its own stock. Hence, limit order data for Knight's stock is not available through Knight. Does NITE Book reflect institutional order flow? NITE Book reflects order flow from Knight's broker-dealer clients; it does not show orders from Knight's institutional clients. However, Knight's broker-dealer clients serve self-directed individual investors, and individual investors more often use limit orders. Institutional investors customarily do not use limit orders to trade their large blocks of shares. How long do limit orders stay in NITE Book? This depends on the type of limit order. Day limit orders are executed or expire when the trading day ends at 4:30 p.m. Eastern Standard Time. Good-Til-Cancelled (GTC) or Open Limit Orders remain in the queue until executed or cancelled.