Glossary · M
What is Market by Order (MBO, Level 3)?
Market data that shows every individual order in the book (add, modify, cancel, fill), each with an anonymous ID and queue position.
In context
Level 3 (L3), known on CME as market by order (MBO), shows every individual order: its anonymous identifier, its size, its price and its place in the queue. CME's MBO feed covers the full depth of the book, not just ten levels, and lets you follow each order as it is added, changed, cancelled or filled.
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