In your statement , clarifying the level 3, you got me a little confused. Would you mind clarifying ---
IMO, the level 2 has all the MM's best B/A for SOES only.
The level 3 is what the INSTINET B/A should be IMO. Meaning even though it might be out of the limit BA, but it might still be a very important piece of info. The analogy of the unregistered SI member doesnt hold. The level 3 B/A is not only important, it is critical on certain occasions. Obviously, I am basing my statement on the understanding, that level 3 is institutional best B/A. If I am wrong in my assumption, please let me know.
Since we are on this subject, can you also clarify, if a MM's B/A is different for SOES than its B/A that shows up on SELECTNET.
Are Instinet's quotes listed by institutions, individually, or do they list their quotes by the MM's???
As a trader, who is actually an outsider looking in, I am simply trying to get a better understanding of what the various markets are, their reporting systems, and what the relationships of these markets is to each other. i.e.
SOES market (SOES Sytem) -Level II
General MM market (SELECTNET System)
Institutional market, Pensions funds, MF's etc (Instinet)
As always, will appreciate your insight.
Looking Forward |
