Display Book

What Is Display Book?

Display Book was a proprietary tracking device for the New York Stock Exchange (NYSE) which was utilized to display, record and execute market orders. Trade and order data incorporated the order type, price, time and quantity for a specific security. Specialists on a NYSE-associated exchange used the system for every security they traded. NYSE supplanted Display Book with its Universal Trading Platform (UTP) in 2012.

Understanding Display Book

The New York Stock Exchange is the biggest equity exchange in the world. The NYSE Display Book was utilized by specialists on the exchange to execute orders and oversee order flow. A specialist deals with the inventory of a stock as well as the orders and pricing for buy and sell trades. Assuming that the market becomes out of balance, specialists step in to utilize their inventory to deal with the sudden shift in demand for the stock.

The Display Book assisted specialists with keeping track of the market activity in a specific security and posted data constantly to the consolidated tape. Display Book basically filled in as a matching engine for orders submitted electronically to specialists. Endless supply of an order, the system immediately sent back trade confirmation to the broker-dealer that initiated the order.

Universal Trading Platform (UTP)

Throughout the long term, with headways in technology and expanding demands from the marketplace, another system was expected to supplant Display Book. A portion of the changing market dynamics that prompted the implementation of the Universal Trading Platform (UTP) included:

An increase in the number of cash equity products on the exchanges
Closer integration across global equity and derivatives markets
Quick advances in computing power and availability
Customer demands for quicker execution speed

UTP is a turbocharged form of Display Book with lower latency, higher throughput, and greater usefulness. UTP moreover combined the elements of Display Book and Super Display Book, the supporting database system for Display Book.

NYSE and its relative exchanges completed their movement from Display Book to UTP. These exchanges include:

NYSE Arca, which is the U.S. electronic securities exchange that exchange-traded products (ETPs) and equities trade, including exchange traded funds (ETFs). ETFs are funds that contain a basket of securities that track or mirror an index, for example, the S&P 500.
NYSE Euronext, which is the consequence of the 2007 merger of the NYSE and Euronext.
ICE Futures Europe, which trades futures and options in Europe yet has offices in Singapore and Canada as well as all through Europe.
NYSE American, which is an exchange intended for more modest, developing companies and was formerly known as the American Stock Exchange.

Features

Display Book was utilized on market exchanges to display, record, and execute market orders.
Display Book was supplanted by NYSE's Universal Trading Platform (UTP) in 2012.
Specialists on a NYSE-subsidiary exchange used Display Book for every security they traded.
Display Book was a proprietary tracking instrument for the New York Stock Exchange (NYSE).