What is a Level I Quote?

A level I quote is the current best bid and offer for a security that trades on the Nasdaq or over-the-counter markets.

How Does a Level I Quote Work?

Level I quotes do not disclose which market makers are bidding for or offering the security, whether there are limit orders on the security, or the size of potential trades at a particular price. In other words, the viewer does not have access to view the depth of the 'order book' or who has an interest in a security and at what price.

Why Does a Level I Quote Matter?

Level I quotes are limited, but they do give traders and investors a basic idea of how a security is doing. To get more information, traders need access to Level II and Level III quotes.

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Paul Tracy
Paul Tracy

Paul has been a respected figure in the financial markets for more than two decades. Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 3 million monthly readers.

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