What is Market By Order?
What is Market By Order?

If you have subscribed to Level 2 Advance (Nasdaq TotalView), you are available to view the level 2 market by order data. Market by Order (MBO) shows you every single quote and order at best 30 price levels in Nasdaq-, NYSE-, NYSE American- and regional-listed securities on Nasdaq.

Market by Order (MBO) can help you track order flows. You can see the market participant information (MPID) of bid and ask orders. This way, you can see which exchange supplies the liquidity. 

What is MPID?

MPID is the Market Participant Identifier used to report trades. This is a 4 character alpha code. The Clearing Firms will be reporting INSITE data by MPID.

You can view all the valid MPIDs published by FINRA.

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