Why Crypto Has No NBBO: No SIP, No Tape
Crypto has no NBBO: no SIP, no consolidated tape. Why two venues show different prices at the same instant, and what index and reference rates fill in.
#nbbo
Filtering by topic #nbbo · clear
Why Odd Lots Don't Set the NBBO
A fill better than the quoted price is normal. The NBBO is computed from round lot quotes only, and odd lot quotes are ancillary data, not protected.
The Vendor Display Rule: SEC Rule 603(c)
The vendor display rule in plain English: what SEC Rule 603(c) makes you show alongside a quote, and why the line between display and internal use is argued.
Midpoint Peg Orders Explained: Half-Cent Fills
A midpoint peg order floats at the middle of the national best bid and offer. See how half-cent price improvement works and when it is worth almost nothing.
SIP Feeds vs Direct Exchange Feeds
Why two screens show different prices for the same stock: what the SIP consolidated tape carries, and where direct exchange feeds gain speed and depth.
Level 1 vs Level 2 vs Level 3 Market Data
Level 1 vs Level 2 vs Level 3 market data, explained with real quote panels: top of book, depth by price, order by order, and what retail feeds skip.
Why Stock Quotes Are Delayed 15 Minutes
Why are stock quotes delayed 15 minutes? How exchange data licensing sets the rule, and what a quarter hour of staleness actually costs on real prices.
What Is the NBBO? National Best Bid and Offer
The NBBO is the national best bid and offer, the one consolidated stock quote your broker must match or beat. See how fast it updates, from real tick data.
Microstructure Deep-Dive: June 29, 2026
Under the hood of June 29, 2026: the full trade and quote tape, a dictionary-derived volume correction, nanosecond receipts, and a truncated FINRA file.