US Market Depth

The US Market Depth (Level 2 Quotes) powered by NASDAQ TotalView provides 20 levels of bids and asks for NASDAQ-, NYSE-, NYSE American- and regional-listed securities trading on NASDAQ. It offers the in-depth view of the order book which allows subscribers to determine liquidity and uncover invaluable insights into the true supply and demand of a security at each price point.

The US Market Depth also come with a market depth summary that provide insight summary based on the complete order book and the powerful Net Order Imbalance Indicator (NOII) to help predict price for entry.

Net Order Imbalance Indicator (NOII)

NOII is a feature showing the difference between buy and sell orders during pre-market and closing auctions. It highlights the imbalance - the number of shares that would remain unexecuted if the market were to open or close at a specific price.

  • Imbalance side: Whether the imbalance is on the buy or sell side.
  • Current price: The hypothetical price at which the auction would clear if it were to happen immediately.
  • Unpaired Shares: The number of shares that are not matched at the indicative price.
  • Paired shares: The number of shares that are matched at the current reference price.

NOII appears from 9.25-9.30 am EST for the opening cross and 3.50-4.00 pm EST for the closing cross.

Frequently Asked Questions


Q1. What are the charge for a US Market Depth subscription?

  • Subscription will be charged based on whether the client is Professional or Non-Professional investor.

  • 1. Non-professional - SGD 25 (inclusive of GST) /month, 650 points
  • 2. Professional - SGD 110 (inclusive of GST) /month

  • Subscription will end on the last day of the month. For example of 2 months subscription, if a subscription is activated on 10 March, it will end on 30 April.

Q2. How do I know if I am a Professional Investor or a Non-Professional Investor?

  • You are a PROFESSIONAL Investor if you meet any one of the following criteria for the entire term of your subscription and you must sign further agreements as well as are subject to the appropriate additional Exchange fee structure:

    1. You are subscribing on behalf of a firm, corporation, partnership, trust, or association.
    2. You use the information in connection with any trade or business activites and not for personal investment.
    3. You plan to furnish the information to any other person(s).
    4. You are a securities broker-dealer, registered representative, investment advisor, investment banker, futures commission merchant, commodities introducing broker or commodity trading advisor, money manager, member of the Securities Exchange or Association or Futures Contract market, or any owner, partner, or associated person of the foregoing.
    5. You are employed by a bank or an insurance company or an affiliate of either to perform functions related to securites or commodity futures investment or trading activity.

    You are a NON-PROFESSIONAL Investor if you do not meet any of the criteria outlined above.

    Please note that subscriber assumes all liability declaring status as a Professional Investor or Non-Professional Investor and will be held accountable for all applicable penalties and/or the Exchange fees if declaration is incorrect.

    There shall be no refund of the unused portion should you wish to terminate the services prior to the expiry date.

    Should your status change from a Non-Professional Investor to a Professional Investor, you must inform us in writing to reward@phillip.com.sg.

Q3. What is the application procedure for Professional Investor?

  • Professional Investors subscribing to the US Market Depth need to submit the relevant exchange agreements to Phillip Securities Pte Ltd (“PSPL”) to seek exchange approval before the information can be granted.

  • The agreement should be completed by person/s that are authorized (as per Board resolution) to execute contracts on behalf of the company and be completed using the full legal name of the entity: 
  • Please complete the relevant Subscriber Agreement and email the scanned copy to reward@phillip.com.sg.

Q4. What is the purpose of the Exchange Subscriber Agreements?

  • The purpose is to ensure that clients understand and agree to the terms of retrieval and use of real-time market data.

Q5. What happens if I do not accept the Exchange Subscriber Agreement?

  • If you decide not to accept the Exchange Subscriber Agreement, you will not have access to the US Market Depth.

Q6. What if I have questions or concerns about certain clauses in the Agreements and where can I go for help? 


Q7. I do not have time to review and accept these Agreements now. Will this prevent me from trading?

  • No, you will not be prevented from trading. However, to view the US Market Depth, you have to accept the Exchange Subscriber Agreement and subscribe the service accordingly.

Q8. When will my NASDAQ TotalView subscription be activated?

  • Upon receipt of the agreement and payment, the subscription will be activated within 2 working days.

Q9. Does the Exchange Subscriber Agreement for NASDAQ TotalView apply only to users in United States?

  • No, it does not matter where you live. To have access to NASDAQ TotalView from NASDAQ, you must accept the relevant Exchange Subscriber Agreement(s).

Q10. What can I do if I have further questions?

  • Please refer to the Market Data & Rewards FAQ by clicking here.

Disclaimer:

The US Market Depth is a value-added service provided to you by Phillip Securities Pte Ltd (PSPL) and is powered by NASDAQ TotalView. PSPL cannot guarantee that the service will not be faulty and will take reasonable commercial efforts to correct reported faults and restore the services as soon as practicable. PSPL may temporarily suspend the service to undertake maintenance or upgrades. PSPL is not responsible in any way for any mobile telecommunications systems or networks, which PSPL does not operate, and therefore is not liable for the acts or omissions of other providers of telecommunication services or for faults in or failures of their apparatus or network, and in general for any other technical reason attributable to a mobile operator’s network or a telecommunication service provider. PSPL will not be liable for any indirect, incidental, consequential, exemplary, special or punitive damages incurred by you, including without limitation any loss of profit, revenue or income, loss or use of data, or interruption of business, however arising and whether in an action in contract or tort (including strict liability and negligence) or based on breach of any warranty, even if you have been advised of the possibility of such damages. By using this service, you agree that you have read, understand and accept the terms and conditions of this service.