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NYSE OpenBook FAQ
Money.net now brings you the most advanced real time market data feature available for today's investor. The new OpenBook Viewer allows you to see what the pros are seeing!
- Is the "top of book" bid and offer in OpenBook the same as the NYSE’s best bid and offer?
- Can the NYSE’s best bid and offer ever be inferior to the “top of book” in OpenBook?
- Can a bid price in OpenBook ever be equal to (locked market) or greater than (crossed market) an offer price, and vice-versa?
- Why is it that the opening and closing price may be different than what OpenBook information indicates it should be?
- Do sell short orders or stop limit orders ever appear in OpenBook?
1. Is the "top of book" bid and offer in OpenBook the same as the NYSE’s best bid and offer?
The best bid and offer in 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. Therefore, the “top of book” may or may not be the same as the NYSE’s best bid and offer.
2. Can the NYSE’s best bid and offer ever be inferior to the “top of book” in OpenBook?
Because OpenBook is updated every ten seconds and the best bid and offer can be updated more frequently, there may be instances where the NYSE’s best bid and offer may appear inferior to the best bid or offer in OpenBook.
3. Can a bid price in OpenBook ever be equal to (locked market) or greater than (crossed market) an offer price, and vice-versa?
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 bids. 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.
4. Why is it that the opening and closing price may be different than what OpenBook information indicates it should be?
Limit orders and market orders often accumulate between the previous night’s close and the opening. In some cases, market orders comprise the majority of pre-opening interest, and market order imbalances become the key determinant to where a stock will open. Because OpenBook does not contain market orders, it may appear that the opening price and OpenBook are out of synch, when in fact they are not.
5. Do sell short orders or stop limit orders ever appear in OpenBook?
Sell short orders and stop limit orders appear in OpenBook when they are filed on the book or “elected” as limit orders. Because these orders have special conditions, they will appear in OpenBook at the price where they can be executed.
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