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DMA Question for Newby


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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

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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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Also this...


 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. 

 

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

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