DEFINITION of Display Book
Display Book was a NYSE proprietary tracking tool used on market exchanges to display, record and execute market order data based on order type, price, time and quantity for a specific security. Specialists on an NYSE-affiliated exchange utilized the system for each security they traded. Display Book was replaced by NYSE's Universal Trading Platform (UTP) in late 2012.
BREAKING DOWN Display Book
The NYSE Display Book, until its replacement in 2012, was used by specialists on the exchange to execute orders and manage order flow. It was useful for keeping track of the market activity in a specific security and posting data continuously to the consolidated tape. Display Book essentially served as a matching engine for orders submitted electronically to specialists. Upon execution of an order, the system instantly sent back trade confirmation to the broker-dealer that initiated the order.
Rapid advances in computing power and connectivity, an increase in the number of cash equity products on the exchanges, closer integration across global equity and derivatives markets, and customer demands for faster execution speed all converged to give rise to UTP, a turbo-charged version of Display Book with lower latency, higher throughput and greater functionality. UTP furthermore combined the functions of Display Book and Super Display Book, the supporting database system for Display Book.
NYSE and its family member exchanges - including NYSE Arca, NYSE Euronext Cash, NYSE Liffe, NYSE Amex and ARCA Options - either had completed migration from Display Book to UTP in late 2012 or was in the process of converting.