Level 1 (LV1) Quotes

Concept:

In stock market quotes, there are three levels: basic quotes (LV0), standard quotes (LV1), and advanced quotes (LV2). LV1, also known as standard quotes, is the market data provided by brokers when downloading stock trading software. This basic service is generally free. LV1 quotes provide a snapshot of market information every approximately 6 seconds, including the top 5 bids and asks at the moment of the snapshot, intraday trades (last traded price and total volume within the last 6 seconds), composed of dozens of real trades.

 

Advantages:

1.Real-time and free Hong Kong LV1 quotes with millisecond-level streaming updates.

2.Automatic streaming quote updates.

3.Immediate best bid, ask prices, and market depth.

4.Real-time transaction records and statistics.

5.Real-time charts and rankings.

6.Instant understanding of fund flows and transaction distribution.

7.Real-time index changes.

8.Display of the top five bids.

 

Purpose:

LV1 quotes primarily provide market information for stocks, bonds, funds, and indices. During the auction period, they offer security codes, security names, previous closing prices, virtual opening prices, virtual matching volume, virtual unmatched volume, and the remaining direction of unmatched volume. During continuous trading, LV1 quotes include security codes, security names, previous closing prices, latest traded prices, highest and lowest prices of the day, cumulative traded volume and value for the day, real-time highest five bid prices and quantities, and real-time lowest five ask prices and quantities. It provides the best bid and ask prices.

 

Level 2 (LV2) Quotes:

Concept:

LV2 quotes, also known as advanced quotes, are real-time market information services for Hong Kong stocks introduced by the Hong Kong Stock Exchange (HKEX). This service covers all stocks listed on the HKEX. LV2 quotes are typically fee-based and require the purchase of a quotation card for access. LV2 quotes offer real-time streaming prices with no need for manual refresh. Generally, they provide ten levels of buy and sell market data, as well as detailed information on individual trades.

 

Advantages:

1.Display of ten levels of buy and sell market data (buy order number, buy order price, order quantity, and broker quantity).

2.Real-time quotes with automatic refreshing.

3.Detailed trade records (traded price, trade time, trade volume).

4.Display of buying and selling brokers, showing bohh broker codes and broker names.

5.Total buy and sell quantities for all thousand levels.

6.Lower latency.

 

Purpose:

1.LV2 quotes offer a more transparent view of buy and sell queues. Traditional quote software only shows the order quantity on the top bid and ask, without revealing how these orders are formed. LV2 software provides detailed information on the first 50 order details for the top bid and ask, helping to distinguish between institutional and retail orders.

2.Enhanced precision in viewing trade details. LV2's detailed trade data includes real details of each trade's price and volume, significantly improving market transparency.

 

References:

• 港股交易系统搭建介绍 — 港股LV2行情 - 知乎
• 港股即時報價系統比較
• 冷知識/學懂Level 1及Level 2報價差別
• VBKR - Level 1 Quotes for US Stocks
• 知乎 - Difference between Level 1 and Level 2 Quotes

 

 

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