Axe
An axe is a dealer's strong trading interest in buying or selling a security, often revealed through quotes or client communication.
Market-data terms for axes, firm quotes, level-two screens, mid-market prices, and workout markets.
Executable quotes and price levels covers axes, firm quotes, level-two screens, mid-market prices, and workout-market terms.
Use this branch when the key question is whether a displayed or indicated price is actionable, indicative, midpoint-based, or tied to a dealer market. This content is educational and does not say a quote should be traded.
| Topic | Use it when the question is about | Evidence to check |
|---|---|---|
| Firm Quote | A quote that may bind the quoting party under stated conditions | Bid or offer, size, quote condition, venue rule, timestamp, and order response |
| Axe | Dealer interest or preference to buy or sell a security | Dealer indication, side, size, instrument, timestamp, and counterparty context |
| Level 2 | Market-depth display beyond top-of-book quotes | Depth feed, venue, price levels, displayed size, timestamp, and data delay |
| Mid-Market Price | Midpoint between bid and ask or dealer marks | Bid, ask, midpoint calculation, source, timestamp, and tradeability |
| Workout Market | Distressed or special-situation markets where quotes may be hard to interpret | Instrument status, dealer indications, liquidity, settlement risk, and legal or restructuring context |
Executable-price evidence depends on size, venue, quote condition, and timing. A midpoint, axe, or level-two display can inform analysis while still falling short of a confirmed tradeable price.
Move to Bid-Ask Prices and Spreads when the issue is bid, ask, or spread. Move to Order Book, Depth, and Queue when depth and queue priority control the conclusion.
For broader context, return to Quotes and Executable Prices.
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
An axe is a dealer's strong trading interest in buying or selling a security, often revealed through quotes or client communication.
Firm Quote is a market-structure term used in trading venues, intermediaries, liquidity, listings, orders, or price formation.
Level 2 market data shows real-time bid and ask quotes from market makers or venues beyond the top-level price.
Mid-market price is the midpoint between the best bid and best ask and is often used as a fair-value reference for execution.
Workout Market is a trading-order concept used to control execution price, timing, priority, or fill risk.