NYSE OpenBook is an electronic data feed
containing the New York Stock Exchange’s
limit-order book information.
Available for the first time beyond the NYSE trading floor, NYSE OpenBook is designed
to provide increased transparency in the decimal-trading environment. It offers
market participants a comprehensive view of the interest outside the displayed
NYSE quote. NYSE OpenBook is also the latest in the series of Network NYSESM
products and initiatives.
The NYSE OpenBook data feed provides aggregate limit-order volume information
for all bids and offers in all NYSE-traded issues.
Complete product information and a list of authorized distributors can o btained at:
www.nysedata.com/openbook.
Functionality
• Aggregated limit-order volume at each price point.
• Data provided for all NYSE-traded securities.
• Data updated dynamically all day b etween 7:30 a.m. and 4:30 p.m.
• IP multicast format via NYSE CAP
Example
Bid Price
57.00
56.98
56.95
56.90
56.88
✱
Bid Size
10,000
5,000
400
20,000
400
Offer Price
57.05
57.08
57.10
57.14
57.15
Offer Size
8,000
10,000
7,200
2,200
5,000
The illustration indicates how vendors might display NYSE OpenBook data.
Vendor Implementation
• Minimum of a T1-class connection to the NYSE CAP network.
• Vendors may be approved to dist ribute display se rvices to their external customers
or may be approved to redistribute the NYSE OpenBook data feed.
• Vendors that externally redistribute NYSE OpenBook may not commingle NYSE OpenBook
with any other order information from any other market.
• Redistribution of derived or delayed information using NYSE O penBook data is subje ct to
display fees.
• Data feed recipients are required to report the number of display devices with access to
NYSE OpenBook and number of data feeds being redistributed on a monthly basis.
• The Exchange will in voice all charges directly to the end user .
Technical specifications are available at www.nysedata.com/openbook.
Fee Schedule
• Data feed recipients are charged an access fee of $5,000 per month.
• Display service recipients are charged a fee of $50 per month p er display screen.
Contact Info
Product Information:
Ron Jordan
Mark Schaedel
..
..
Technical Information:
Peggy Sullivan
..
Testing:
Dom Gallo
Jim Wieman
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..
NYSE OpenBook
TM
Frequently Asked Questions
✱
Bid
Price
Bid
Size
Offer
Price
Offer
Size
Is the “top of the book” bid and offer in NYSE OpenBook the same as the New
York Stock Exchange’s best bid and offer?
57.00
10,000
57.05
8,000
56.98
5,000
57.08
10,000
56.95
400
57.10
7,200
The best bid and offer in NYSE OpenBook represents only the limit orders on the
specialist’s book and not the entire market. The NYSE best bid and offer may include
book orders, crowd interest, or specialist proprietary interest. Thus, the “top of the
book” may or may not be the same as the NYSE’s best bid and offer.
56.90
20,000
57.14
2,200
56.88
400
57.15
5,000
The illustration indicates how vendors might
display NYSE OpenBook data.
Is the Exchange’s best bid and offer ever inferior to the “top of the book” in NYSE
OpenBook?
Since NYSE OpenBook is updated e very 5 seconds and the best bid and off er can be
updated more frequently, there may be instances when the NYSE’s best bid or offer
appears inferior to the best bid or offer in NYSE OpenBook.
Are bid prices in NYSE OpenBook ever equal to (locked market) or greater than
(crossed market) an offer price?
Yes. Bids that are entered at or higher than offer prices will be reflected on the book
until they are executed. The same is true for offers entered at or lower than the bid
price. NYSE market rules treat these “marketable limits” as market orders, and they
are executed as market orders according to NYSE auction-market rules. Locked and
crossed markets are typically short-term situations that are corrected by a subsequent
trade. Locked or crossed markets occur more often in very active and volatile stocks.
Why is it that the opening and closing price may be different than that indicated
by the NYSE OpenBook information?
Limit orders and market orders often accumulate between the previous night’s close and
the opening. Sometimes market orders comprise the majority of pre-opening interest
and in those cases market-order imbalances become the key determinant to where a
stock will open. Since NYSE OpenBook does not contain market orders, it may appear
that the opening price and NYSE OpenBook are inconsistent, when in fact they are not.
Do sell-short orders or stop-limit orders ever appear in NYSE OpenBook?
Sell-short orders and stop-limit orders appear in NYSE OpenBook when they are filed
on the book or “elected”as limit orders. These orders have special conditions so they
will appear in NYSE OpenBook at the price at which they can be executed.
For FAQ updates, please visit nysedata.com/openbook/faq.htm
© 2001, New York Stock Exchange, Inc.