NYSE Open Book

The NYSE Open Book was launched today.

Did any traders sign up it and what were your impressions?

 

Can anyone shed somel ight as to: How open book works? Who can sign up? Is there a real advantage here?

Thanks Nordic

 

It is a joke. It is supposed to be the equivalent of Nasdaq Level II so you can see the orders at each level.

I was watching IBM's open book and I rarely saw anything more than 5000 shares at each level, yeah right.

The 10 second delay makes this a total garbage of a tool, I thought it will help with thinner stocks, nope, the specialist has just way too many ways to work around it.

At the moment I don't have it on my screen unless I only have one position and I am really bored. Maybe someone will find a use for this crap, unless they remove the delay I really think it is nothing more than a cheap gimmick.

 

Hitman. You are 100% right. Try hitting a bid one level down that is 8 seconds old in a falling stock. Now you see it...now you don't. What a waste of development time. You may actually have an advantage if you don't use OpenBook. At least then you won't be susceptible to spoofing (i.e. fake bids & offers).

 

The OpenBook is yet another case of snake oil... selling a useless service, that serves no-one but the vendor. Indeed, in the case of the OpenBook, it could be more than useless... it could actually be detrimental to trading performance.

 

What data vendors provide the Open Book, or do you have to be a NYSE member?

 

Ok, we all agree openbook is crap, but doesn't it prove the vast superiority of the Level II system versus the NYSE specialist system? In a way the NYSE is confirming that Lev II is better by trying to pawn off a cheap imitation.

 

Be careful , AAAintheBeltway. Any second now someone will tell you about price improvement and a centralized market on the NYSE.

 

I still want to know where i can get this data from. I'm very surprised that this isn't one of the most active topics on ET as it really affects a ton of traders here.