NYSE Openbook Ultra

Discussion in 'Order Execution' started by listedguru, Jun 2, 2008.

  1. Is anyone using this new openbook ultra yet? My firm said they are going to be offering it soon (whatever that means)...It sounds like it's supposed to show both specialist and floor broker interest too?

  2. This sounds like a lot of fun... thanks for the heads up listedguru, if it weren't for you posting this I wouldn't be aware that as of this month with my present set up I am no longer looking at the complete picture.

    I wonder how the data lag will be with this. NYOB is always behind the NYSE quote, at least with Laser and Sterling, by about half a second to a second. Let's see if this ULTRA can stay as fast as the other ECN books.

    It says that we can see depth of specialist and floor orders, but we cannot identify them as such - they are mixed in. However, the NYSE open book non-ultra shouldn't have those orders, so by comparing the two books one should be able to tell if the order is floor or not... unless I'm missing something.

    Has anyone seen this ultra open book in action?
  3. bespoke


    Can't you already compare the NYSE in the L2 with the normal NYOB to see floor orders?
  4. Of course, but this ultrabook supposedly shows us depth. The NYSE in the LII only shows you the floor man if he's the best nyse bid or offer. From the way I interpreted the link, this may now be possible with depth of market, but only by comparing ultraopenbook to normal nyob, because the ultrabook apparently merges customer and floor orders without specifying what's what.

    I need to get my eyes on this data...
  5. bespoke


    Ahh right, depth. Missed that point. It's late. :D That would indeed be very cool.
  6. Is anyone here using the new Openbook Ultra product yet? It is available but my firm isn't offering it yet. Just wondering what your thoughts on it are?

  7. From what I've seen I think that the greatest advantage of the Ob ultra is the lower latency and better compression of the feed [using such features as index for symbols]
    It's compression is not as good as the Arca feed [since it's not a FAST FIX] but it's looking like it's going to save a lot of bandwidth.
    -I guess they didn't want to put all the eggs on the FAST FIX basket.

    As far as I know, they're offering the Ultra feed as an option to the Realtime feed, so that firms that deploy the ultra feed will stop using the NYB realtime.
  8. FYI . . .

    The regular NYOB has always been "delayed" on purpose . . . A couple of years ago the NYSE cut down on the "delay" to something more realistic. Not sure where the self-emplosed "lag" is now, if any.

    I looked it up once on the NYSE website.
    Should still be there, archived.
  9. I believe the current lag is 1 second, and the Ultra will be real-time.
    #10     Jun 12, 2008