The bid and offer prices at which a dealer could execute the desired quantity of shares. Quotes in the brokers market.
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The bid and ask quotes at which a security is traded. The real market does not account for a security's fundamental value, only the price at which it may actually be traded. A dealer engaging in the real market gives quotes that are likely to be taken. A dealer who does not wish to engage the real market may give quotes, but the quotes are purposely too high (if an ask) or too low (if a bid).
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The quotes from a dealer who is willing to buy and sell a security in relatively large volume. Dealers uninterested in trading a security may provide quotes but do not expect anyone to act on them.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.