Alternate trading System IEX is making more trading data public.
In a bid to make markets more transparent and challenge the notion that less is more, the addition of this free web-based functionality is yet another step the buyside-owned venue is taking that it believes will help it become an exchange.
By allowing access to its displayed order book, anyone can now interact and see just what is going on inside the venue.
So how does it work?
Effective yesterday, Thursday, May 21, visitors to the IEX website can use the firm’s TOPS Viewer to observe the real-time bid Price, ask Price, and aggregate bid and ask sizes of one or more symbols on the inside of IEX’s displayed order book.
The real time TOPS Viewer has been made available here
The IEX TOPS Viewer displays the most recent update to best-priced displayed interest available on the IEX order book. Visitors to the IEX website can select one or more symbols for which to display the current trade information. Near-real-time displayed and nondisplayed aggregate traded volume will also be provided. The IEX TOPS Viewer will automatically refresh for updates and include the time at which the data was generated.
IEX said in a trading bulletin to clients that it does not make any guarantees, representations or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, accuracy, validity or freedom from interruption of any information or data on the IEX website.
“By viewing or using this data or information in any manner, you understand and acknowledge that such information does not reflect trading activity on markets other than IEX, as applicable, and is intended to provide you with a reference point only, rather than as a basis for making trading decisions,” the bulletin read.
The IEX top of book quote feed, TOPS, is a direct data feed product. TOPS provides IEX’s aggregated best quoted bid and offer position in real-time for all securities on IEX’s displayed limit order book. Quotes are non-attributable to individual Subscribers. Hidden orders, and the non-displayed portion of reserve orders are not represented in TOPS. Trades (e.g. last sale) are not included in TOPS.
While IEX is an ATS, TOPS is not a protected quotation (as defined under Rule 600 of Regulation NMS). The IEX top of book will NOT be disseminated through a National Market System Plan Securities Information Processor (SIP) because it will not be published by IEX to a national securities exchange or a national securities dealer association system. The IEX top of book will only be available through TOPS.
