1. US Stock Market Data
Tiger's US stock market data subscriptions come in two tiers: Nasdaq Basic (Basic/L1) and National Best Bid and Offer (NBBO/L1+).
Basic/L1 is the free tier available to all App-Registered users, providing real-time stock quotes, best bid/ask, and trade details from the Nasdaq exchange only.
NBBO/L1 is a subscription that aggregates best available bid and ask quotes from 16 participating US exchanges, along with more comprehensive quote and trade information.
A user can upgrade from Basic to NBBO through Tiger's Market Data Store to access broader and more precise market data on their last logged-in device (“LLID”).
2. How Market Data Subscription Affects Profit & Loss (P&L) Indicators
A user’s last logged-in device will derive the corresponding quote prices based on the user’s US stock market data subscription when calculating and displaying relevant metrics. It only determines which market data feed is used to calculate and display mark-to-market values and unrealized P&L within the Portfolio page.
For avoidance of doubt, a subscription update will not change the subscriber’s order-routing (e.g., submitted to more than one exchange). Thus, one’s subscription will not affect the subscriber’s trade executions, execution prices, or realized trading results.
Metrics that are affected by upgrading your market data subscription (applies only to US stocks and options strategies containing US stock legs):
Latest Price, Position Market Value, Total Securities Value, Position Proportion
Position P&L, Unrealized P&L, Daily P&L, Realized P&L
Position Greeks (Delta, Gamma, Vega, Theta, Rho) and their corresponding cash values
Metrics NOT affected by your market data subscription:
To ensure the timeliness of Tiger’s risk management, the following metrics are always calculated using the NBBO market data: Excess Liquidity, Estimated Cash Value, Maximum Buying Power, Leverage, Liquidation, and Margin-related metrics.
3. Frequently Asked Questions (FAQ)
Q1: Where does the "Latest Price" for US stocks on the Portfolio page come from?
A: The latest price displayed on the Portfolio page of your last logged-in device is consistent with your US stock market data subscription. If you have NBBO access, the latest price comes from NBBO real-time quotes; if you have Nasdaq Basic access, the latest price comes from the Nasdaq Basic market data source.
Q2: Why does a price on my candlestick chart occasionally differ from the latest price on the Portfolio page?
A: Candlestick chart’s data and the real-time latest price on the Portfolio page may use different data refresh frequencies and display mechanisms. As a result, temporary differences between candlestick chart prices and the latest prices on the Portfolio page may occur. If those two sources of a price are persistently different, it might be due to factors related to a specific trading session, market data updates, your network conditions, etc.
Q3: How is my position Daily P&L calculated?
A: For Daily P&L calculation formulas, please refer to: Help Center - Positions & P&L. The latest price on display on your last logged-in device is consistent with your market data subscription.
Q4: How are position prices and P&L displayed during overnight/extended-hours trading?
A: During overnight/extended-hours sessions, prices and P&L on your last logged-in device are derived from your market data subscription. Please note that price volatility may be higher during non-regular trading hours.
Q5: Are my Hong Kong, A-share, or Singapore stock positions affected by my US stock market data subscription?
A: No. Your US stock market data subscription only affects US stocks and options. Market data and P&L for other markets have their own market data subscription rules.
Q6: How can I upgrade my market data subscription?
A: You can view your current subscription level in [App] → [Profile] → [Market Data Store], and pay for market data subscription as needed. For specific fees and activation procedures, please refer to the market data subscription page.