DislikedOne thing I just remembered...In one of my research papers I read that on the interbank, the market depth those people see are limited to the best bid/ask and the quantities at those levels. So if this is correct, you wouldn't see the best 5 bid and asks like on the CME futures exchange, just the depth at the current market. Can someone confirm this?Ignored
"EBS and Reuters share a common, uncomplicated structure. Standard price-time priority applies. Hidden orders are not permitted. Limit orders are not expandable. Orders must be for integer amounts. Trading is anonymous in the sense that a counterparty’s identity is only revealed when a trade is confirmed. Dealers pay commissions on limit orders as well as market orders, though the commission on limit orders is smaller.
These markets have low pre- and post-trade transparency relative to most other limit-order markets. With respect to pre-trade information, price information is limited to the best bid and offer quotes, and depth information is limited to total depth at the quotes unless it exceeds $20 million (which it usually does during active trading hours). The only post-trade information is a listing of transaction prices. The exchanges do not publish any trading volume figures.
Trading on the electronic brokerages was restricted to dealers until 2005. Now, certain hedge funds are permitted to trade on EBS. Automated (program) trading was permitted around the same time. These shifts are reported to be a major source of the surge in trading between dealers and their financial customers since 2004 (B.I.S. 2007)."