What does Level 1 content include?

Level 1 content primarily provides essential market information about a security, and one of its key components is bid and ask prices. This includes the most current prices at which buyers are willing to purchase a security (the bid) and the prices at which sellers are willing to sell it (the ask). This basic data is crucial for investors and traders as it shows the supply and demand dynamics in the market, allowing them to make informed decisions about buying and selling securities.

While full order book data, which encompasses a deeper view of all outstanding buy and sell orders, provides a more comprehensive understanding of the market, it goes beyond the standard Level 1 content. Similarly, news analytics and reports offer additional context and information that may influence market conditions but do not fall under the basic Level 1 price information. Derived benchmarks are typically considered higher-level analytics and comparisons, which also extend beyond the standard information provided in Level 1 content. Thus, the bid and ask prices distinctly define Level 1 content, making it the correct choice in this context.