What is Market by Order and MPID?

What is Market by Order?

Market by Order (MBO) provides detailed bid and ask data on the Nasdaq order book for all US exchange-listed securities. Available to subscribers of Level 2 Advance (Nasdaq TotalView), MBO shows the full depth of orders, helping you track order flows and liquidity. You can view market participant information (MPID) for bid and ask orders, indicating which exchange provides liquidity.

What is MPID?

MPID, or Market Participant Identifier, is a 4-character alpha code used to report trades. Clearing Firms report INSITE data by MPID. You can view valid MPIDs published by FINRA for more information.