Broker dealers will subscribe to the NASDAQ workstation services that meet their firm’s requirements. The levels of service are:
Level I: NASDAQ Level I subscription service provides information relating to the inside market, last sale, and daily volume data and provides quotes for registered representatives.
Level II: NASDAQ Level II allows the subscriber to see the inside market, the quotes of all market makers, the total daily volume, and the high and low for the day.
Level III: NASDAQ Level III is the highest level of service offered over the NASDAQ workstation. Level III contains all of the features of Level II and allows the firm to enter and update their own markets. Level III is only for approved market makers.
NASDAQ TotalView: NASDAQ TotalView quotation service allows professionals and non professionals to view the entire NASDAQ book for securities traded over NASDAQ. TotalView displays the price and size quoted by all market makers, exchanges and ECNs. TotalView also displays the total size of the market for the five best priced quotes as well as order imbalance information for all NASDAQ crossing sessions.
Registering As A Market Maker