Joined: Nov 5, 2009
Posted: Dec 1, 2009 08:33 AM
Msg. 1 of 3
I'm new to streaming level II data and I wanted to make sure I'm understanding things correctly. When I watch Level II data on a NASDAQ stock (say RIMM), I see that there are a bunch of market makers offering quotes. So, this morning, I was playing around and I decided to bid for RIMM (below the current best bid) and low and behold, I saw an Update come through on my Level II feed. The update was marked as MMID-NSDQ (which made sense). Then, I added another limit order below my current one and I didn't not see this update. So, what I'm gathering is that IQFeed only sends me the BEST Level II quote for each market maker, not their whole depth? Doesn't that kind-a defeat the purpose?
Is this an IQFeed disadvantage or am I misunderstanding how Level II feeds work?