NYSE Openbook, NASDAQ Total View, Pedro Totally Confused...

Discussion in 'Trading' started by pedro01, Nov 17, 2009.

  1. pedro01


    Hi All

    For the past few months, I have been using L2 and Time and Sales to confirm my trade entries. If I see an entry based on the chart, I'll only take it with confirmation from L2/T&S.

    Now - I'd rather not get into a debate about dark pools & HFT making L2 useless. I use it, I know that 90% of the time it's just noise but at certain times, it is useful in my opinion.

    I am trading NASDAQ and NYSE stocks. Not touching AMEX.

    I am enticed by the NASDAQ TotalView, I got Tradestation up and running with TotalView yesterday but in reality, I didn't really see that much additional liquidity on the stocks I was trading last night. I have also signed up to NASDAQ OMX to see if Tradestation is reporting the same info as NASDAQ directly (not that I don't trust them)

    I also see that there is a NYSE Openbook and this is where I get confused.

    - I can obviously see NYSE stocks on my NASDAQ L2/Totalview screen. What am I seeing there ? Is it just the NYSE volume going through the NASDAQ network ? Does that mean there is other NYSE action I am not privvy to ? Would NYSE Openbook show me anything additional

    - BRUT recently came under the NASDAQ umbrella - does this mean that there are other ECNs/exchanges that trade NASDAQ issues that are not visible on TotalView ?

    Obviously, what I want it a total view of all market participants as much as possible for both NASDAQ and NYSE stocks. I also don't want to be paying for NYSE Openbook if the info is already available on TotalView.

    Can anyone out there help me out with this. I've done a fair amount of searching the interweb but can't come up with any clear answers.

    Many thanks

  2. d138


    Seems like you are completely confused :)
    When a company goes public it picks one venue where it will be listed, it may be NYSE, Nasdaq, ARCA etc. However multiple venue can have quotes for this company. The only exception is that NYSE quotes only NYSE listed stocks.
  3. pedro01


    No - I'm not confused about that - I understand what the exchanges are.

    The fact is - there are a lot of NYSE stocks traded on the NASDAQ network and you see these on L2/Totalview.

    What is not clear is whether you are seeing the whole order book for a NYSE stock when looking at NASDAQ totalview. I would presume not.

    Also - as BRUT recently came under the umbrella of NASDAQ and can now be seen in the order book, it rather implies that there may be other ECNs that are not visible on the NASDAQ Totalview order book.

    Also add into the mix that NYSE has it's own product called Openbook and it's not clear if the liquidity there is visible on NASDAQ Totalview. I would presume it isn't.

    So - it seems hard to get a straight answer on how to get a consolidated view of the entire order book for a stock (dark pools excluded of course)
  4. d138


    You can see only Nasdaq quotes on Totalview, you see only NYSE quotes when you look at NYSEs open book. No consolidated book.
  5. pedro01


    I'm a TS user... but I'm thinking of changing to eSignal because of the following

    "Market depth from NASDAQ (Level II, TotalView, Single Book and regionals), NYSE (Open Book),. "

    This seems to imply that they give a much wider depth of information than just the TotalView I have now, although it's not clear if you can see on one screen both the NASDAQ and the NYSE order book for a NYSE stock at any given time.

    As much as possible, I'd like to see total depth of the market for a NYSE stock, knowing of course that some of the action is on the NYSE but that a lot is going through NASDAQ.

    I guess the other question is - how much use is the considerable action shown on NASDAQ Totalview for a NYSE stock ?
  6. pedro01


    Let me explain the full extent of my confusion.

    On Tradestation I can select the following options along with their 'enhanced market depth'

    Enhanced Market Depth
    This market data package is a prerequisite for other packages that entitles one to view more depth into the market such as ARCA ECN Book and Nasdaq TotalView. In addition, it includes the Bloomberg (BTRD) ECN Book data for AMEX, Nasdaq, and NYSE stocks. Book data allows one to see all the bids & asks on the associated ECN’s order book.

    NASDAQ TotalView
    - The Nasdaq TotalView data package expands upon the Nasdaq Level II data package by providing all bids & asks at every price level for Nasdaq, NYSE, Amex and regional-listed securities on NASDAQ.

    The ARCA ECN Book data package provides Archipelago (ARCA) ECN Book data for AMEX, Nasdaq, and NYSE stocks. Book data allows one to see all the bids & asks on the associated ECN’s order book.

    So all of these mention the NYSE and there's no option for NYSE open book on there.

    In terms of a NASDAQ stock - would you need all of the above to effectively get a picture of the supply & demand situation (fakers aside for a minute). Or could you get along without one of them - such as ARCA ?

    In terms of a NYSE stock - same thing - are all of the above required or would you only get an accurate picture if you had openbook too ?
  7. FreddyP



    not sure you are still active on this, but I am right now facing a similar situation / similar questions. Did you ever find the answer to your querries on market depth and ECN books?

  8. When I get time later I'll answer this.
  9. luisHK


    Thanks in advance NYOBscalper !
  10. FreddyP


    Same here, thanks in advance
    #10     May 2, 2011