Level II displays market maker's quotes for securities in which they make a market. Level III allows market makers to actually enter their quotes into the system. Members of investment clubs pool their money and make group decisions on how to invest those assets. E. Eleven Mile Rd. Royal Oak, Michigan 48067.
Membership is limited and consists mostly of broker-dealers and investment banking houses.
NMS displays actual transactions, last trade and volume data. Stock quotes are published in Pink Sheets and corporate bonds in Yellow Sheets. An open-ended mutual fund's per share market value. In no load funds, the NAV is also the asked price. They are all one figure.