what is a level iii quote 
a level iii quote is pricing information about a security provided by a trading service it includes the real time bid price ask price quote size price of the last trade size of the last trade high price for the day and low price for the day level iii allows institutions to enter quotes execute orders and send information because the level iii service offers a high level of market depth it is restricted to registered nasdaq market makers level iii quotes are not available to individual investors or traders quote levelsall publicly traded equities have a bid price and ask price when bought and sold the bid is the highest price an investor is willing to purchase a stock the ask offer is the lowest price at which an investor is willing to sell a stock each time a bid price or ask price is disseminated it is considered a quote the u s stock market has three tiers of quotes level i level ii and level iii these quotes allow an investor to see how a specific stock performs over time and where the market action is consolidating a market maker is a nasdaq member firm that buys and sells securities at prices it displays in nasdaq for principal trades and customer accounts 