Exchange->Refinitiv (Direct Feed or RTDS)->Consumer
Consumer receives a real-time Refinitiv Domain Model: MarketPrice and MarketByPrice
This exchange for Refinitiv immediately broadcasts real time in the form of Refinitiv Domain Model or it broadcasts in its format Level 1 and Level 2.
Or does the Refinitiv server normalize the exchange format into Refinitiv format?
I want to understand at what stage MarketPrice and MarketByPrice take their form.