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You can not receive the exchanges market data over the Internet. You must be co-located at one of the data centers with an available cross connect to the exchange.

Also how is Canada in the stone age technologically? The TMX provides far more direct access to various technologies that are not available by any of the exchanges in the U.S. such as native smart order routers, TMX's native pre-trade risk checks (Mantara) which was a regulatory requirement added back in March to prevent any kind of fat finger mistake or flash crash, and a host of technologies built right into the exchange.

The consolidated market data products available on the TMX are also much more comprehensive than the ones in the U.S., for example in the U.S. all you get are the consolidated last sale (CTS) and consolidated top of book (CQS), in Canada the TMX provides those via the CLS and CBBO but in addition it also provides the consolidated depth of book via the CDF feeds.



Yes you can. Anyone willing to write a feed handler for these feeds can. For example, https://www.nasdaqtrader.com/Trader.aspx?id=totalview and http://www.nyxdata.com/openbook. As kasey_junk mentioned, availability is on an exchange basis, so I'm not sure if all exchanges provide this service.

I was talking about the sophistication of low latency trading in Canada and that only. In the states, there aren't a ton of exchanges and ETN and dark pools, with different matching engine rules and all that crap. If I am a sophisticated low latency firm, I wouldn't want any exchange added 'extras' to get in the way.

IMHO, I think retail investors are better served and have less chance of being thrown on a roller coaster ride by runaway algos in Canada compared to the U.S., and that's a good thing.


Both links you provided are not products that are available over the Internet from NASDAQ. Both TotalView and OpenBook are multicast feeds that are strictly disseminated to a small handful of data centers, the most notable of which is NY4.

You need to cross connect from your local network onto NYSE's or NASDAQ's network to receive that data.


In some exchanges you can get market data from a vendor who is co-located with the exchange via the Internet. Some exchanges don't allow this, some do.




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