Quotes and Executable Prices

Quotes and executable prices explains the difference between displayed prices, real-time or delayed quotes, dealer indications, quote depth, and prices that can actually execute.

Use this branch when the finance question depends on whether a displayed price is timely, firm, indicative, or executable. This content is educational and does not say whether a price is fair or suitable.

What This Branch Covers

Decision Lens

A displayed quote is not always a tradeable price. The quote may be delayed, indicative, too small for the order, venue-specific, subject to a halt, or replaced before an order reaches the market.

Move to Quote Levels, Bid-Ask Terms, and Spreads when the issue is quote wording. Move to Order Types and Execution when the issue is how an order interacts with the quote.

Evaluation Checklist

• Identify whether the quote is real-time, delayed, indicative, firm, executable, or stale.
• Check bid, ask, quote size, timestamp, venue, exchange status, and data source.
• Compare the quote with order size and order type before assuming execution.
• Watch for halted, suspended, thinly traded, or off-exchange securities.
• Use the execution report for final fill evidence.

Common Mistakes

• Treating delayed quotes as current trading evidence.
• Treating indicative dealer prices as firm executable quotes.
• Ignoring quote size when placing a larger order.
• Comparing quotes from different venues without checking conditions and timestamps.
• Using a last sale as if it were the current bid or offer.

For broader context, return to Quotes, Prices, and Market Data.

In this section

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