> 1) What are the advantages of getting separate feeds from BATS/EDGEX etc. instead of using the consolidated then? In addition to what the others wrote... her

> 1) What are the advantages of getting separate feeds from BATS/EDGEX etc. instead of using the consolidated then? In addition to what the others wrote... here's a simple description. The UQDF is the top-of-book (best bid, best offer) for each RegNMS protected venue (e.g. exchanges) for Tape C tickers. [Tape C is NASDAQ-listed tickers, although confusingly UTP, which NASDAQ operates, stands for Unlisted Trading Privileges]. All orders at this top "level" are aggregated, so you only know the total number of shares there. The direct feeds are generally "full depth-of-book" for an individual venue and not aggregated (although some feeds do), meaning you can see every individual displayed order at every price level.