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:
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.

Related Terms:
Level I
Level II
Market Maker
Nasdaq

• Approved Participants
• A Priori Probability
• Arbitrage
• Arbitrage Bond
• Arbitrage-Free Valuation
• Arbitrage Trading Program (ATP)
• Arbitrage Trading Program (ATP)
• Arbitrageur
• Arbitration
• Archer MSA
• Archer MSA
• Arithmetic Index
• Arithmetic Mean
• ARM Index
• ARM Margin
• Arms Index (TRIN)
• Arms Index (TRIN)
• Arm's Length Market
• Arm's Length Transaction
• Aroon Indicator
• Aroon Oscillator
• ARP
• Arrearage
• Arrears Swap
• ARS