Simple Question about OrderBook

Discussion in 'Order Execution' started by WallstYouth, Dec 3, 2007.

  1. 1. Is it possible to see the full order book for NYSE or NASD?
    2. Will the orderbook contain all orders? or just limit?
    3. Is there a way to get this data via a feed?
    4. Does any vendor provide an application to view the order book in real time? ie. can NYSE or NASD full orderbook be viewed from bloomberg.

    Thanks, I'm sorry if these questions are dumb or too basic.
  2. 1. No. Hidden and reserve orders on ECNs can't be seen, (reserve=showing 300 shares, containing 3000, etc), and on the NYSE the specialists and floor brokers can put orders in which cannot be seen.

    2. Just limit. Market orders are immediately executed (so by definition they don't sit in the order book), and stop loss orders are hidden either on the servers of either the exchange or your broker.

    3/4. Realtick, eSignal, and most trading platforms will show it to you in real time.
  3. Thanks for response NYOBScalper I have a few more questions.

    Can you describe a situation where a specialist or market marker would put in hidden orders on the book?

    If an ISO order is sent and it sweeps the market for the NBBO and a hidden/reserve order has the best price would the market marker or specialist be forced to match these orders? or do hidden orders behave differently.

  4. Every time a floor broker wants to buy a large quantity of stock and doesn't want the whole world to see the size bid (unless there is a seller in the stock).

    RegNMS is protecting the top of book only, when you started sweeping the book, the reserve liquidity (if there is any) will be automatically replenished by HYBRID (we call it refresh).