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Lionel,
Instinet is one of many ECNs. It is generally favored by institutions
looking to disguise their identity on Nasdaq Level II. Institutions also use
it pre- and post-market. But its bid and ask can be seen on Level II.
Other ECNs can also be seen on Level II, at least their best inside bids and
asks. If you wish to see more of their books, then you need to bring up each
ECN's own book. Island (www.island.com) is the one more frequented by the
retail market. On their website you can bring up a Java version of their
book, with the full book shown. REDI and ARCA are two other ECNs also
favored by retail users, and I'm told they also have visible books. (I've
never been interested in that level of detail; between Level II and,
occasionally, an extra window with Island's book, I feel I've got a pretty
good sense of what people are displaying.) Incidentally, Island also trades
some non-Nasdaq stocks, so on very heavily traded NYSE issues you get a
somewhat deeper look at interest outside the best bid and ask prices than is
otherwise possible.
Best wishes,
Erik Olson
Lionel Issen wrote:
> I am not a day trader. I just learned about the existence of Instinet and
> ECN. How can I access the bid ask prices on Instinet and ECN?
> Lionel Issen
> lissen@xxxxxxxxx
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