Level 1 Data is also termed which of the following?

Level 1 Data is also termed which of the following?

• A. Level 2 Data
• B. Top of Book
• C. Bid and Ask Data
• D. The Open price

Answer: (B)

Level 1 market data provides the most immediate view of the market: the best bid and best ask — the top of the order book — along with the last traded price and its size. The phrase Top of Book specifically denotes those best quotes at any moment, which is exactly what Level 1 data conveys. Deeper order details, if you needed them, come from Level 2 data, which shows additional levels beyond the best bid and ask. The Open price is a separate concept, referring to the price at which trading starts for the session, not the current top quotes. While Bid and Ask Data describes the same general information, Top of Book is the precise label for the best quotes, aligning with Level 1 data.

Level 1 market data provides the most immediate view of the market: the best bid and best ask — the top of the order book — along with the last traded price and its size. The phrase Top of Book specifically denotes those best quotes at any moment, which is exactly what Level 1 data conveys. Deeper order details, if you needed them, come from Level 2 data, which shows additional levels beyond the best bid and ask. The Open price is a separate concept, referring to the price at which trading starts for the session, not the current top quotes. While Bid and Ask Data describes the same general information, Top of Book is the precise label for the best quotes, aligning with Level 1 data.