0

When looking at a level 2 table, we'll usually see: enter image description here

So we see 2 tables, one for bids and one for asks. For each, we see 3 columns. What I don't understand is the MMID column.

I understand that it stands for Market Maker ID. But as far as I know, a market maker is a stock exchange participant. And from these 4 letter identifiers it seems that they stand for different stock exchanges, not specific stock exchange participants.

Is there some inter-stock-exchange activity? Are there securities passing from one stock exchange to another?

Would be great if someone can elaborate.

Improve this question
7
  • 1
    What's the source for your screenshot?
    – 0xFEE1DEAD
    Jun 27 at 11:34
  • 1
    Some YouTube video, why?
    – YoavKlein
    Jun 27 at 11:57
  • 2
    @YoavKlein Helps determine the screenshot's credibility. Something from a low-quality website/random YouTuber could just have been thrown together with no real meaning.
    – TripeHound
    Jun 27 at 14:03
  • 3
    @YoavKlein did you ask the YouTuber? Seems like a good place to start.
    – Pete B.
    Jun 27 at 15:29
  • 6
    @YoavKlein comments are for requesting clarification, which is exactly what the commenters are doing.
    – Vicky
    Jun 27 at 16:49

1 Answer 1

Reset to default
1

MMID is the "Market Maker Identifier", a 4-letter ID that identifies individual market makers and is assigned by FINRA (Financial Industry Regulatory Authority Inc.)

Here in this L2 table, you see the NBBO (National Best Bid and Offer) prices. Most symbols are traded at multiple exchanges, and yes you are correct that the prices are quoted by market makers at different exchanges. Just because you see the prices at different exchanges does not necessarily mean you can trade at these prices though.

Improve this answer

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .