Looking at some level 1 quotes data (QRM) on the bloomberg terminal for a DAX index option. Why is there always a 1 lot quote for 450 just popping in every other tick? Seems like there is a single MM quoting these elevated prices in hopes that someone will enter a market order and then get a ridiculously bad fill at 450 when it should have been 124.50? What exactly is going on here?
If level 1 data is supposed to show best bid/ask prices, how are the 1 lot quotes @ 450.00 allowed to be periodically making their way to the top of book when the 100+ lots @ 124.50 clearly have not been hit yet?