BBAE provides Level 1 for clients including 16 Participants and FINRA TRF.

What Is Level 1 market data?

Level 1 market data is a type of market data that displays the best bid-offer in real time. The real-time best bid-offer is also known as the national best bid and offer (NBBO). The NBBO is a quote that reports the highest bid price and lowest ask (offered) price in a security, sourced from all available exchanges and trading venues. The NBBO represents the tightest composite bid-ask spread in a security.

The SEC’s Regulation NMS requires brokers to trade at the best available ask and bid price when buying and selling securities for customers. Brokers must guarantee that the NBBO is quoted to its customers at the time of a trade.

Benefits of the NBBO

  • The NBBO helps ensure that all investors receive the best possible price when executing trades through their broker without worrying about aggregating quotes from multiple exchanges or market makers before placing a trade. This helps level the playing field for retail traders who may not have the resources to always seek out the best prices across multiple exchanges.

UTP Participants:

  • Cboe BYX Exchange, Inc.
  • Cboe BZX Exchange, Inc.
  • Cboe EDGA Exchange, Inc.
  • Cboe EDGX Exchange, Inc.
  • Financial Industry Regulatory Authority (FINRA)
  • Investors’ Exchange LLC (IEX)
  • Long-Term Stock Exchange, Inc.
  • Members Exchange (MEMX)
  • MIAX Pearl, LLC (MIAX)
  • Nasdaq BX, Inc.
  • Nasdaq PHLX LLC
  • Nasdaq Stock Market LLC
  • New York Stock Exchange LLC
  • NYSE Arca, Inc.
  • NYSE American LLC
  • NYSE National, Inc.
  • NYSE Chicago, Inc.

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