> Level 1 Market Data corresponds to trade and price data... Price, bid, ask, trade price, trade quantity That's not correct. What you describe is simply a tra

> Level 1 Market Data corresponds to trade and price data... Price, bid, ask, trade price, trade quantity That's not correct. What you describe is simply a trade that appears on the Time & Sales (aka "the tape"). Level 1 represents the inside quote, meaning the highest bid and lowest offer. Level 2 represents the combined highest bids and lowest offers of all market participants (which obviously includes the L1 data).