Level III Quotes

Business, Legal & Accounting Glossary

Definition: Level III Quotes

Full Definition of Level III Quotes

Level III quotes are everything included in Level I quotes and Level II quotes plus the ability to enter or change quotes, execute orders, and send out confirmations of trades. Only NASD member firms who are also market makers have Level III quotes capability. NASDAQ restricts Level III quotes access to its registered member brokerages and institutions. Level III quotes from market makers are from brokerages and banks who are registered to use Level III quotes because they maintain a bid-ask price in a given security by standing ready to transact at publicly quoted prices. Level III quotes privileges allow brokerages to meet the best execution requirement to execute customer orders at the best price currently available. The Level III quotes platform lets the user receive bid/ask quotes as the instant trades are being executed. Level III quotes are the fastest way to execute a trade in any NASDAQ stock.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Level III Quotes. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. January 26, 2021 https://payrollheaven.com/define/level-iii-quotes/.
Chicago Manual of Style (CMS):
Level III Quotes. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/level-iii-quotes/ (accessed: January 26, 2021).
American Psychological Association (APA):
Level III Quotes. PayrollHeaven.com. Retrieved January 26, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/level-iii-quotes/

Definition Sources

Definitions for Level III Quotes are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 10th February, 2020 | 3 Views.