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Level 3

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Dictionary Says

Definition of 'Level 3'

A trading service consisting of everything in Level 2, plus the ability to enter quotes, execute orders and send information. This service is restricted to NASD member firms that function as registered market makers.

Also know as "Level III".
Investopedia Says

Investopedia explains 'Level 3'

This allows you to enter bid/ask quotes as the trades are being executed right in front of you. It's the fastest way to execute a trade.

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