Brand new to L2 console and struggling to understand the pricings. For example, I look at GDP and bid/offer is always in multiples of 0.25p. Best bid is 3.75p at time of writing. But when I do a test trade with my online broker I am offered 3.81p to sell. So where is the 3.81p coming from exactly and why is it not visible on L2 console?
L2 and the live bid/ask are what the MMs state they will guarantee as a price for a certain number of shares.
On L2 you can see how many shares they will guarantee.
As to why they may trade at a different price, that depends on numerous variables. How many shares do they have or need, what is the buy/sell pressure, what midprice.do they need to cover their risk etc.
So if they say they have 10k shares at 3.5 ask, and you try to buy 10k shares, they are required to sell to you 10k shares at.that maximum price.
In my experience, if you try to buy/sell an amount the MMs say they have and your broker says it needs a negotiated trade, then you should phone your broker rather than do that trade online.