TRADE ON A
NEW LEVEL

LEVEL ALTERNATIVE TRADING SYSTEM


LeveL ATS is an independently operated US Equity Alternative Trading System designed to facilitate fast and efficient execution in a dark pool environment.

Launched in 2006, LeveL ATS provides a continuous crossing platform, giving customers the opportunity for seamless trading in a highly stable dark pool environment while minimizing information leakage and market impact.




FREQUENTLY ASKED QUESTIONS



Q1: WHO CAN TRADE ON LEVEL ATS? A1: All LeveL ATS subscribers must be registered broker-dealers.Q2: HOW DO I CONNECT TO LEVEL ATS? A2: Subscribers can connect via cross connects within Equinix NY4 or through various extranet providers. Please contact us at Salesdesk@LeveLATS.com or at 617-203-3156 for additional information.Q3: DOES LEVEL ATS ROUTE MY ORDER FLOW OUTSIDE OF ITS SYSTEM? A3: No. LeveL ATS does not route any order flow.Q4: DOES LEVEL ATS UTILIZE IOI'S (INDICATIONS OF INTEREST) IN ANY WAY? A4: No. LeveL ATS does not send or receive IOIs.Q5: WHERE IS THE LEVEL ATS MATCHING ENGINE LOCATED? A5: The LeveL ATS matching engine is a standalone platform hosted by Thesys Technologies using the latest in state of the art technology. The matching engine is located in Equinix NY4 Secaucus, NJ.Q6: CAN I CO-LOCATE WITH LEVEL ATS? A6: No. LeveL ATS does not offer the ability to co-locate with the matching engine.Q7: WHAT IS LEVEL ATS' MARKET PARTICIPANT ID (MPID)? A7: The MPID for LeveL ATS is EBXL.Q8: WHAT IS LEVEL ATS MIC CODE? A8: The MIC CODE for LeveL ATS is LEVL.Q9: WHAT ARE THE HOURS OF OPERATION FOR LEVEL ATS? A9: The LeveL ATS Production system is available between 7:00am - 5:00pm EST. Resting orders will be accepted between 7:30am - 4:00pm EST, with IOC orders accepted 9:30am - 4:00pm EST pending symbol open.

Order Matching - Executions will occur between 9:30am - 4:00pm EST. * (Holiday hours as the exception)
Q10: HOW DO I ENTER AN ORDER ON LEVEL ATS? A10: LeveL ATS supports order entry via FIX 4.2.Q11: WHAT SECURITIES DOES LEVEL TRADE? A11: LeveL ATS trades US Equity NMS securities.Q12: WHERE DOES LEVEL ATS GET ITS MARKET DATA? A12: LeveL ATS sources market data from exchange SIP feeds, delivered from the Thesys Technologies, LLC ticker plant solution.Q13: DOES LEVEL ATS EXECUTE OUTSIDE THE NBBO? A13: No. LeveL ATS is designed to execute at or within the known NBBO at the time of the execution.Q14: WHERE DOES LEVEL ATS PRINT ITS TRADES? A14: LeveL ATS executions are printed to the FINRA/NASDAQ TRF.Q15: HOW DOES LEVEL ATS DETERMINE A SYMBOL AS “OPEN"? A15: LeveL ATS uses trade reports from CTS/UTDF. Each trade report signifies whether that trade is "last sale eligible." The symbol is deemed to have been opened when the first trade report is received and is marked as "last sale eligible" as determined by the consolidated tape.Q16: WHAT IS THE PRIORITY MODEL FOR ORDER MATCHING? A16: LeveL ATS is designed to match all orders based on Price/Time priority logic, barring additional execution instructions.Q17: WHAT ORDER TYPES DOES LEVEL ATS SUPPORT? A17: LeveL ATS Supports Resting and IOC (Immediate or Cancel) Market, Limit and Peg order types.Q18: HOW DOES CANCEL-REPLACE AFFECT MY ORDERS PRIORITY? A18: A reduction in quantity is the only change that will maintain an orders current priority in the LeveL ATS book. All other changes will result in the order being treated as a new order. Q19: DOES LEVEL ATS SUPPORT ODD LOTS OR MIXED LOTS? A19: LeveL ATS does not support Odd Lots. Odd Lots will be rejected. Mixed Lots will be accepted; however, only the Round Lot portion will be available for execution. The remaining Odd Lot will be canceled back to the user following the last Round Lot execution.Q20: DOES LEVEL ATS SUPPORT MIN QTY? A20: Yes. LeveL ATS offers both aggregation and non-aggregation options for MinQty. MinQty instructions are defined by the user on an order-by-order basis. Please contact LeveL ATS for more details Helpdesk@LeveLATS.com or 800-958-4813.Q21: HOW ARE ORDERS HANDLED IN A LOCKED MARKET? A21: LeveL ATS will execute in a locked market by default; however, users can include an execution instruction on an order-by-order basis to prevent order matching in a locked market. Please contact LeveL ATS for more details Helpdesk@LeveLATS.com or 800-958-4813.Q22: HOW DOES LEVEL ATS DETERMINE PRICE IMPROVEMENT A22: LeveL ATS was designed to split price improvement equally between both sides of an execution. Where two orders are eligible to match at multiple price levels, LeveL ATS will seek to match the orders within the NBBO at the midpoint of the trading range as determined by each orders instructions.

Example:
Where the NBBO is $10.00 X $10.01, a midpoint pegged buy order is sent ($10.0050). The seller enters a market sell order at $10.00. LeveL ATS will match the orders at $10.0025, splitting the price improvement equally between both orders.
Q23: DOES LEVEL ATS OFFER THE ABILITY TO CUSTOMIZE THE TYPE OF
FLOW I INTERACT WITH?
A23: Yes. LeveL ATS offers all users the ability to customize their eligible contra party interaction. For more information please contact our Sales Desk at Salesdesk@levelats.com or 617-203-3156.

TRADING STATISTICS
July 28, 2015



81,878,600
Total Matched Volume*
72,026,642
Current Month ADV*


*Figures are double-counted to include all volume traded on LeveL ATS (i.e., both sides of the transaction)


TOP 200 SYMBOLS EXECUTED
July 28, 2015

ABEV799,100
PBR548,400
SIRI537,900
SPY436,300
VALE392,900
BAC354,900
IWM327,100
MSFT327,000
BIDU318,700
MU303,400
JNK301,300
EEM280,400
CHK269,100
AMX264,800
FCX264,000
GE256,100
T241,900
PFE241,400
INTC232,800
NK226,900
BTU224,200
ITUB215,100
RAD211,800
EXC202,700
GILD202,700
SWN196,800
QQQ190,100
F185,600
PBR.A174,800
FXI170,500
SVU163,900
CSCO163,400
JNPR162,000
XOP161,700
ESV161,400
PYPL157,200
MRK155,500
EWZ155,300
CX153,200
MYL146,900
FTR146,200
TWTR137,800
USO135,600
BMY134,400
KMI132,100
GM130,600
TEVA128,000
XLI127,800
ABX127,600
AA127,200
AKS123,800
EMC123,400
CMCSA122,500
TSU121,300
HAL120,400
EBAY119,400
XOM118,100
OAS118,000
JPM114,700
JBLU114,500
S111,600
XLE109,900
WPX108,400
RIG106,700
XLF105,900
IMMU105,800
WU104,200
BRCD103,100
AAPL101,700
RJET101,700
SDRL101,300
JD98,800
CNX96,500
XIV92,700
KO91,500
AMGN90,300
HUN90,200
SUNE89,600
PHM88,100
VXX87,200
MOS86,700
UNP84,700
XME83,600
SD83,500
WEN81,700
ZNGA80,900
APA78,900
VZ78,400
EWJ77,500
ATML77,300
CL77,000
BBG76,800
X76,200
XLP76,000
GLD75,600
MRVL74,400
C74,100
BRCM73,600
WFC73,300
LUV73,200
DNR72,800
DHI72,700
CVX72,000
CAT71,200
NUGT71,200
MAS70,500
IR70,400
PDS70,400
SALT70,200
GDX70,000
BCEI68,900
RAI67,500
HLT66,300
NFX66,300
STT66,000
NE65,700
AMD65,500
ORCL65,100
ARCP64,700
BSX64,700
GRUB64,400
BABA64,000
AUY63,700
OWW63,100
TSM63,000
JDSU62,900
VALE.P62,900
FOXA62,200
EPE62,100
DD62,000
HIG61,900
CY61,400
TXT61,100
P60,500
DVN60,300
WPZ59,600
V58,900
MS58,700
ECA57,800
PWRD57,800
CVLT57,700
GWB57,500
CCJ56,800
AMAT56,600
NOV56,400
QCOM56,300
FB56,200
GTE56,200
FLS54,500
OIBR54,300
FOX53,800
COP52,900
CDNS52,800
HOT52,700
LC52,000
SUSQ51,500
NTAP51,300
LVS51,000
FISV50,700
SLB50,200
ODP49,800
XLV49,400
LULU49,200
YHOO49,100
NOK49,000
XLY49,000
RIO48,600
GG48,100
HON48,000
VWO47,500
JCP47,200
TEF47,000
RF46,600
CFG45,900
MS-I45,600
SWFT45,500
GSAT45,200
HTZ45,100
MO45,000
DOW44,900
HYG44,900
ARIA44,600
EFA44,200
UPS43,900
EMN43,800
SU43,600
DAL43,500
DEPO43,200
STLD43,200
VGK42,800
NCR42,600
APC42,400
CBS42,300
TCK41,900
BK41,800
CVEO41,800
ORI41,600
MRD41,500
SCHW41,400
SDS41,400


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