what is nasdaq Level 3

Any Nasdaq MM has "Level III" acess!


Level III
This is a trading service consisting of everything in Level II 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. Level III allows you to enter bid/ask quotes as the trades are being executed right in front of you. It is the fastest way to execute a trade and is typically found only on the trading floors of brokerage firms and market makers.

http://www.investopedia.com/university/electronictrading/trading7.asp
 
Level III access allows you to enter and update your own quotes. Must have direct access to total view and register as a market maker with regulators.
 
Quote from noob_trad3r:

What paperwork do I need to fill out to get my market maker license?
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First you have to get a market maker learner's permit, then if manage to avoid accidents, moving violations, and TWI (trading while intoxicated) for a period of 6 months, you can take the MMMMSG exam* granting you your license and access to Level 3.

* Market Maker Market Manipulation & Stop Gunning exam
 
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