ARCX - Archipalego ECN, major user: Etrade
BTRD- Bloomberg Trade ECN, major user: Bloomberg subscriber
CINN- Cincinnati Stock Exchange/Island ECN, major user: Ameritrade
JPHQ- JP Morgan securities, market maker
PERT-Pershing, market maker
SCHB- Charles Scharb, market maker and No 1 retail discount broker.
Level II is the market depth quote screen on which each MM posts its best bid and ask plus size. It is a very useful tool for professionals to trade. For small investor who buys and holds, it is not a necessity. For small trader who thinks he does not need level II, he always stays at atateur level.
If you trade a stock frequently (in and out), you need to know who are the "big guys" of your stock , say 5 top MMs.
BTRD- Bloomberg Trade ECN, major user: Bloomberg subscriber
CINN- Cincinnati Stock Exchange/Island ECN, major user: Ameritrade
JPHQ- JP Morgan securities, market maker
PERT-Pershing, market maker
SCHB- Charles Scharb, market maker and No 1 retail discount broker.
Level II is the market depth quote screen on which each MM posts its best bid and ask plus size. It is a very useful tool for professionals to trade. For small investor who buys and holds, it is not a necessity. For small trader who thinks he does not need level II, he always stays at atateur level.
If you trade a stock frequently (in and out), you need to know who are the "big guys" of your stock , say 5 top MMs.