Disliked{quote} That might be true in equities but not in fx (there is no book on fx) - also, with dark pools there is no real "level 3" in equities either anymore and even if there would be, hedge funds would not see it (there are rumours but that's it). Also, if you work in as high frequency as possible, it doesn't matter if you have level 2 or 3. Non-high frequency funds don't operate on this level anyway. There are big players who will execute after certain rules. Stop cascades will trigger those rules after that their order filling algos will go to...Ignored
I watched an excellent documentary on this,if I can find it ill post it here.