Level 2 Data and Australian stocks?

[svetsi]

Does anyone use Level 2 data, as I am wondering who to obtain this through in Australia?
Is there any reasonably priced Level 2 data providers in Australia?

Thanks

 

[svetsi]

Tough question huh? Looking around the web, nobody seems to use Level II data?

 

[Mr Bear]

Are you looking for a feed to run into a system or are you simply just wanting to be able to view it?

ASX level 2 can be provided by pretty much every broker in Australia..

 

[svetsi]

I believe they will provide such data for products the brokers are trying to sell, but not equities.
I can't seem to find any (with the exception of IB Markets).

 

[Wysiwyg]

Tough question huh? Looking around the web, nobody seems to use Level II data?

Market depth is standard and usually to 10 places. You mean something else by L2?

 

[svetsi]

Yes, Level 2 shows the market makers activity and identifies Buy and Sell limit orders at each level. Like Market Depth but shows only market maker activity.

 

[Wysiwyg]

No we don't have market makers like the display below. The ASX states ...

Market making
Market makers play a critical role in ensuring trading can take place in less liquid markets or instrument types.

They ensure that investors and other traders are always able to price and trade products by always being available to buy or sell those products.

Market makers operate in the markets for the following instruments:

• exchange-traded products (ETPs)
• futures
• options.

 

[Mr Bear]

Yes, Level 2 shows the market makers activity and identifies Buy and Sell limit orders at each level. Like Market Depth but shows only market maker activity.

Level 1 usually refers to the best bid/offer and level two the rest of the depth, I didn't even know you could get MM quotes only. I was also pretty sure in relation to the ASX market makers operate but aren't designated market makers in all products like the US has.

Might do some more reading on this..

 

[Wysiwyg]

For stocks it would be useful to identify who is who in the depth. Who the big stacks are in the line up and actual trades would be valuable knowledge.

 

[Wyatt]

Speaking of who's who in the zoo, I noticed a stock today which had an iceberg buy order, well, that is what i believe one would call it. You could only see the large order in the am & pm match up auction, not in the depth during regular trading hours. Once upon a time there was an asterisk denoting such orders.
Is this how these orders may be detected or are there a few variations of these "icebergs".
Curiously there weren't many other buyers interested in BUL

 

[svetsi]

No we don't have market makers like the display below. The ASX states ...

Market making
Market makers play a critical role in ensuring trading can take place in less liquid markets or instrument types.

They ensure that investors and other traders are always able to price and trade products by always being available to buy or sell those products.

Market makers operate in the markets for the following instruments:

• exchange-traded products (ETPs)
• futures
• options.

Market makers operate in equity markets as well! Not sure where you go your information form?
IB markets offers it, there are probably others but it's hard to find a broker who even understands what it is.

 

[svetsi]

The information on the ASX website is blatantly misleading or just incomplete I should add!