DMA Question for Newby

[Guest HUGHSHA]

Hi there,  I have recently opened a share dealing ISA and was hoping to benefit from DMA for price improvements.  With that in mind I was looking for confirmation my approach and understanding is correct.

 

As an example,  if i place an 'on exchange' buy order for a UK stock then check my 3rd party Level 2 screen should I be able to view the order immediately on the left hand side (blue) until it is filled or otherwise?

 

I did this as a test and was hoping it would be real time / live, however nothing was visible.   

 

Is there a time delay? or maybe my understanding is incorrect...  any help would be appreciated.

 

Thanks, Scott

[JamesIG]

You are correct in your understanding, however our DMA functionality gives a more diverse deal execution by sending to multiple exchanges such as BATS and ChiX, as well as the LSE to get you the best price. You can read more about those options below

 

https://www.ig.com/uk/shares/shares-dma

 

https://www.ig.com/uk/best-execution/quality-of-execution

[knicol46]

If you place an exchange order for a UK stock it would show on the level 2 screen within a few seconds.  It will only be visible if you are trading a SETS stock - most of the main UK companies.  If the stock is using SETSqx your order would only be visible during auction periods 0750-0800, 1050-1100, 1350-1400 UK times for auction participation.  If your order is with a market maker stock (SEAQ) then it would not be visible. 

[JamesIG]

Also this...

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 wrote:

If you place an exchange order for a UK stock it would show on the level 2 screen within a few seconds.  It will only be visible if you are trading a SETS stock - most of the main UK companies.  If the stock is using SETSqx your order would only be visible during auction periods 0750-0800, 1050-1100, 1350-1400 UK times for auction participation.  If your order is with a market maker stock (SEAQ) then it would not be visible. 

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 - what stock are you trading and I could probably give better insight.