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Strategies & Market Trends : RealTick III

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To: Cormac who wrote (97)	8/2/2000 1:44:45 AM
From: aldrums	Read Replies (1) of 311

I did call support 3 times this morning but I forgot to ask them that question! I call again tomorrow. Thanks for the link. I was asking TAL support about the types of quote sources, like the option of selecting NASDAQ vs. All Quote sources. I'm sure you know this, but the problem with selecting all quote sources it gives you duplicate levels in level 2. For example, Island bids will be represented twice, once from NASDAQ, (as ISLD) and once from ISLAND as ISLAND. I compared the same stock in two different Market Maker windows, one with the NASDAQ quote source only and one with all quote sources. Much to my surprise, occasionally in the all quote sources market maker window I would see a better bid or Ask from an ECN then in the NASDAQ market maker window! I watched this occur several times. I called TAL and they informed me that it would be a very unusual occurrence and most likely would never happen. That is the response I got when I asked TAL about my delayed datafeed problem...and that hasn't proven to be true. So I am assuming that sometimes there is a delay with the best ECN bid/Ask getting to NASDAQ. Have you found this to be true in your experience? To compensate for this I am now looking at two market makers for each stock. The first market maker is setup for the NASDAQ quote source only with the ticker and mulitquote options. The 2nd market maker is setup for bids and asks only. I have the option All quote sources selected, but I have also have the "ECNs Only" option checked. With these two windows I can look at the first market maker without worrying about duplicate level 2 info, and I can look at the 2nd market maker and view all the ECN bids and Asks at a glance. Am I crazy or do I really need to do this to get accurate level 2 quotes? Alex

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