How to Use Nasdaq TotalView — NOII
TotalView disseminates the Net Order Imbalance Indicator (NOII) for the Nasdaq Opening and Closing Crosses and Nasdaq IPO/Halt Cross.
In most markets, investors only know whether the opening price of a new IPO will rise or fall below the IPO price after it has started trading. Nasdaq TotalView shows a preview of the entire process of the IPO opening price during the IPO bidding stage which is known as “quote-only” period. This could range from a minimum of 10 minutes to several hours and during this period, investors are able to get insights into the IPO opening price via the NOII data within Nasdaq TotalView.
Showcase of Arm Holdings
Arm Holdings, a British semiconductor and software design company, made its debut on Nasdaq on 14 September2023. The Arm IPO was priced at $51 a share and the opening price was up 10% at USD56.10 on its first trading day. Most investors probably might not be aware that the pre-IPO order information for Arm had already been made accessible on Nasdaq TotalView (which displays the full order book depth on Nasdaq) at 8.00 a.m. Eastern Time, without needing to wait till the trading officially starts.
This chart shows the buy and sell orders received by Nasdaq at approximately 8.00 am Eastern Time before Arm had started trading. There was a buy order at USD510 for 1 share, and several other buy orders were over USD100. The disparity with the prices of buy orders in the market at that time was significant, indicating a substantial difference in perspectives between buyers and sellers regarding the stock price trend prior to the IPO opening.
Arm IPO bidding process commenced at approximately 10.10 AM Eastern Time which is the start of the quote-only period. During the start of this quote-only period, Nasdaq TotalView will disseminate the NOII data of the IPO crosses for Arm. We saw the price of the crosses went as high as $65 initially and gradually declined to $60. There were some competitive crosses taking place at this price level as we sighted the imbalance orders swung from buy-imbalance to sell-imbalance back and forth several times. See the screenshots below.
The IPO bidding process for Arm lasted approximately for two hours on that day and the trading finally commenced at 12.09 PM Eastern Time. Notably, this opening price closely aligned with the prediction provided by NOII data from Nasdaq TotalView.
Arm Holdings, being the largest IPO last year, has garnered significant market attention. Throughout the entire IPO process, from pre-IPO bidding to IPO bidding and the subsequent announcement of the opening price, Nasdaq TotalView and NOII played a crucial role in providing transparent market information. This empowered investors with information to help predict potential opening prices in advance, enabling them to tap trading opportunities.
How to find Nasdaq TotalView NOII in moomoo?
You can find NOII in quote page between 9:25 a.m. and 9:30 a.m. EST for the opening cross, and between 3:50 p.m. and 4 p.m. for the closing cross.
If you have any questions during the trial, don't hesitate to leave a comment below and Nasdaq will select representative questions to answer.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Ftigth : Have not noticed the NOII before. Will such kind of features be popular in the future?
dreamstocker : Can TotalView be applied in Quant? How can I access it in my API, want to try!
Baby putsomemusic : Noticed that there is JPM symbol in order book as well. What does it stand for? it also means order from nasdaq?
Tajikunfu : Why does the NOII data only stay for a few minutes? Every time it gone before i see. Where can I see the past data?
NasdaqOP Baby putsomemusic: It depends. One possible scenario is the MPID, which stands for Market Participant Identifiers, indicating which institution the order is from.
NasdaqOP Tajikunfu: NOII is only displayed for 5 minutes before the market opens, 10 minutes before it closes, and during IPO/halt auctions. During regular trading hours, due to continuous trading, you will not be able to see this data updated.
NasdaqOP dreamstocker: Yes for sure. But for the API access, you may need to obtain authorization from Nasdaq. For specific details, please contact: dataapac@nasdaq.com.