Market Depth

The Market Depth window displays the alternative bids and offers away from the inside quote to allow you to better gauge market liquidity. You can create and transmit orders from the Underlying panel by clicking the bid or ask price, just as you do from the main trading window. Also send orders by clicking the bid or ask price in the Bid and Ask columns. For Nasdaq stocks you can elect to display the aggregted TotalView Quotes, and NYSE listed equities with market data allow access to the NYSE Open Book.

• We cannot guarantee that every price quoted for a particular security/commodity will be displayed in the Market Depth window.

• Cumulative size represents the total contract size available at a particular price or better. For example, using the image above, the cumulative contract size available on the bid at a price of 13.88 would be 11 contracts (1 contract at 13.89, 10 contracts at 13.88). If you have the default order size set to 100, the order will be for the cum size times the default order size, in this case 1100. Average Price is the average execution price received when transacting the cumulative contract size. You receive multiple executions as your order goes through the order book. Executions will appear in the Execution window that you access using the Executions tab.

NOTE: Exercise particular caution when trading from the Market Depth screen since the order size may be larger than you intended. We recommend you use the Market Depth information only as a trading tool to help gauge market liquidity.

• For the Smart Market Depth window, we aggregate and display the best bids and offers available from all markets for the particular product.

• You cannot see market depth for a contract with ARCA or Island listed as the routing exchange. We only use top-of-book prices. However, you could see NYSE Deep Book or Level II for these contracts.

NOTE: You can display a maximum of three (3) Market Depth, Level II or NYSE Open Book windows simultaneously.

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