I use QuoteTracker and decided to try using Level 2 today. Since I don't have a L2 subscription with my broker, I didn't think it was going to work when I opened the L2 window. But it did. But no matter what stock I look at, the only MM ID listed is arcx. Is that right? All the L2 pics I see have a bunch of different MMs. What am I missing? edit - It says "archipelago streaming" at the top of my L2 window if that helps.
For two seconds I saw another MM in there, AHIL. But then it disappeared and it was back to all arcx. I know someone knows. I tried googling this stuff but I couldn't find anything. Thanks.
no if you set up proactive on your software it means if arca can't fill at best price and there's a better price it will reroute in millisconds to it. they charge .001 per share for it
Here's what I'm looking at. I was reading the help file and it seems this isn't "full level 2," whatever that means. That horizontal bar above the quotes... is that bid/ask pressure or something? Can you use where the vertical black bar is to predict market movement?
ARCA is not a MM it is an ECN. Examples of true MM on your level II would be GSOC = Goldman Sachs MSCO = Morgan Stanley etc.
How come I don't see those then? arcx was in the MM column so I thought it was a MM. btw, it was arcx, not arca. Are MM names always in caps?
I would imagine that if you had full access to level II quotes it would show you all of the MMs that are playing. Maybe its only showing you ECN orders since you dont have full access to level II? Try some other symbols and see if you can spot any other MMs. I think arcx is the same as ARCHA which is the ECN Archipelago.
arcx is the symbol for the ARCA ECN. It looks like your broker is providing the ARCA book (orders both to buy and sell) that you are seeing. Ameritrade for example provides the Island book (you'll see a bunch of inet listings) and doesn't provide the Arca book.