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ECNs, Exchanges
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re: Book Proposal
Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC
9 Mar 1998 3:05PM ETSorry to those who received the last message twice; it was recommended that I put it in a separate thread.
So I'd like to throw out a few questions to everyone.
Full Book vs. Top Of Book
Top of Book could be implemented with the functionality that I'm suggesting by making some small changes and additions, mostly to the Quote Request message to allow for requesting asynchronous updates.
To do Full Book in a bandwidth-friendly way would best be handled by a new message type. (Neither IOI nor Quote would be well-suited without doing a major overhaul of those messages.)
So should we:
A. Extend Quote / Quote Request for top of book data only, and develop a separate set of book-related messages for showing market depth, or
B. Leave Quote / Quote Request alone, and do both Top of Book and Full Book via a new set of book-related messages.
I can see advantages and disadvantages to both; what do you all think would be best?
Data Feed Redistribution
If we're creating messages to display an ECN's book, it's only a small hop to extend that to allow people to redistribute the NASDAQ book, regional quotes for listed stocks, foreign exchanges, etc. (Obviously it requires that appropriate exchange fees have been paid, proper agreements are in place, etc.) Would there be any interest in this?
Ryan Pierce
Townsend Analytics Ltd. / Archipelago LLC
Book Proposal Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 9 Mar 1998 1:24PM ET re: Book Proposal
Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 9 Mar 1998 3:05PM ET re: Book Proposal Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 24 Jul 1998 11:29AM ET re: Book Proposal Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 3 Dec 1999 11:09AM ET re: Book Proposal Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 9 Dec 1999 4:24PM ET re: Book Proposal Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 4 Jan 2000 3:51PM ET re: Book Proposal Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 4 Jan 2000 8:48PM ET
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