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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Dan Duchardt who wrote (16905)	9/21/2003 1:07:53 PM
From: Joseph Silent	Respond to of 18137

Thank you much Dan for taking the time for that detailed and informative response. That is exactly what I was looking for. I expected it to exhibit complications and you have laid them out very clearly. You've also answered the sequencing question and greatly helped clarify the issues for me. Much appreciated, Joseph :) P.S. I might be back with more questions. I hope you don't mind.

To: Dan Duchardt who wrote (16905)	9/21/2003 1:18:32 PM
From: Jon Tara	Respond to of 18137

"Nasdaq gives priority to quotes, so it is possible for the print stream to lag well behind the quote stream." I don't think there is any issue of priority. NASDAQ quotes are disseminated through a number of data products, which have recently been augmented and renamed. Traditionally, there were two NASDAQ quote streams - NQDS (also known as "level 2") and Level 1. (Was there an alphabet-soup name for this as well?) Currently, there are ADAP, NASDAQ Intermarket, Nasdaq Prime, and Nasdaq Level 1 Service. NASDAQ trades were traditionally disseminated through NTDS, and currently disseminated through NIDS and NATS. (I think you can get something at the drugstore for that...) And now NATS will be replaced with TDDS. In any case, each of these data products has it's own dedicated bandwidth within data feeds which combine several data products. If a particular product lags in real time, it is because the data rate has surged beyond the fixed bandwidth available for that product, not because of priority. (Except in the broadest sense - i.e. NASDAQ gives "priority" to one product or another when they periodically set the bandwidth available for that product on the feed.) You can find all the gory details here: nasdaqtrader.com