What is level 3 pricing?
Level III is a certain qualification that business-type cards and government purchasing cards can attain; it corresponds to the highest amount of data passed along with normal transaction information and thus gives the lowest possible price to accept that transaction. Level 1 includes standard transaction data, such as, date, card number, and total order amount. Level 2 includes Level 1 data plus enhanced transaction data, such as customer reference number, invoice number, and sales tax amount. Level 3 includes Level 2 data plus line item details.
What is level 3 market data?
Level 3 data also displays the total number of shares, contracts, or lots available to buy or sell at each specific price point in the order book. Level 3 data shows message traffic through which participants send cancellations or modifications of their orders. What is L3? L3 market data is the most comprehensive form of market data available, delivering information on all active orders in the market. It includes not only the best bid and offer (L1) and the depth of orders at each price level (L2), but also the ability to see each individual order in the book.