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.If your business accepts corporate, purchasing, or government credit cards, you can qualify for Level 3 processing rates. In short, the more data a business passes with a transaction, as in the case of level 3 data, the lower the interchange rate it pays to process the transaction.
Who uses market data?
Traders use these data to make their trading decisions. Since not all investors need the same data, however, the stock exchange offers different data products that differ in terms of data depth and content. Private investors can also obtain these data. Level 1 trading data is a type of financial market data that includes real-time pricing and volume information for individual securities. This data provides investors and traders with a snapshot of the current state of the market and is used to make informed decisions about buying and selling securities.
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. Level 3 market data shows the most detailed view of market activity, including every individual order in the book. Unlike Level 1 and Level 2, which aggregate orders by price level, Level 3 reveals: Each individual limit order with size, price, and timestamp.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.