I have a few beginner's questions about trades that occur between the bid and ask. I've done several hours of research on this but haven't found an answer. I pulled up a Level 2 for an illiquid NASDAQ stock with a large spread and see trade volume increase, while the bid and offer aren't hit- trades appear to continue to go off at the "last price," between the bid and ask. I don't understand how trades can happen within the bid and ask- I would have thought that a market order to buy would get routed to the best ask, and to sell to the best bid-- and anything that is not a market order is a limit order or equivalent, and thus a bid or offer. Perhaps the trades that I see are happening on the floor, and the bids and offers on the floor don't post on my electronic platform (MB Trading's "Navigator")...? Also, there appears to be a size requirement on Level 2 with the quotes I'm looking at. If I post an order for 100 shares, I see my order appear, but if I post a size smaller than that, I do not see my order. Can someone confirm this? And if I'm right, is there a way to see those smaller orders? I wonder if this is the explanation for what I'm seeing: perhaps I'm not seeing bids and offers under 100 shares, and that's what continues to trade at the "last price."