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Third market info is often easily available from you existing quote
source. Simply put the qualifier .T after the conventional quote. You
will often find that whatever you use for quote actually is tied to
instient.
Incidentally the guys who built institnet and sold it are now building
an Institutional block trading business under the name of Optimark.
Optimark would gather data from participants(Buyside
Sellside....Specialists and Traders)and creat what they call a
satisfaction curve. In essence a forecast of what a large block/blocks
of stock could be traded based on the available supply/demand of all
parrticipants at vasrious prices.
The NYSE, PSE and CBOE amongst others have bought pieces of the system
which begins roll-out and marketing now. For what it's worth Optimark
has advertised for business development(sales)folks. It is being run
out of San Francisco with space(I think)shared with the P Coast.
If it's anywhere near as successful as there first product was it could
change the picture of block trading.
If I remember CBOE was venture partner in Insinet to the tune of
something like a few million $$. We sold it for a decent profit. We
are in at beginning of Optimark as well. It should be interesting to
watch it develop and possible grow and take part in the price discovery
of block trading.
If it is as successful as peoplle assume it might be it could easily it
might continue to move the price discovery out of the S & P future(as
has been happening already)back to the cash. We really do live in
interesting time.
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