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.

TRADING STATISTICS
July 31, 2015



70,219,400
Total Matched Volume*

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 31, 2015

SPY473,900
PBR464,300
ABX440,600
EEM371,500
SUNE318,200
MU306,200
XLF305,500
VALE290,200
GE275,500
IWM262,400
T259,600
BAC258,800
VIV240,200
MDLZ231,900
JNK223,500
SUSQ190,500
FOXA184,400
REN177,400
NEM177,200
OCN170,900
MSFT168,900
ABEV167,600
AMX163,500
USO161,200
F159,700
DNR157,900
TSM154,400
MAS154,100
PFE148,700
EXC147,400
NOK146,000
XLE145,400
FTR142,500
INTC133,100
HLT129,800
WLL129,200
ODP127,100
IYR124,900
ZNGA124,400
EFA123,000
FXI121,700
SALT120,200
XOM114,900
HBI114,700
GSP110,400
UPL108,200
SIRI107,900
ORCL107,000
P106,200
EWT104,600
KO104,100
FCAU104,000
BERY103,600
KMI101,600
C100,800
JNPR100,000
XLI99,600
BRCD97,100
SCHW97,000
ITUB96,300
GCI95,800
XLU95,300
S93,100
AMAT91,700
EBAY90,900
VXX87,000
FB86,700
PVA85,600
CMCSA83,900
QQQ82,500
AEZS82,300
AAPL81,700
X80,500
AUY80,200
RIG79,900
HYG79,300
HTZ77,800
WDC77,100
OAS76,600
EWJ76,100
XRX75,800
CFG75,700
SWN75,500
WU75,300
LYG74,600
AUO74,000
FCX73,900
AIG73,500
GDX72,700
YHOO72,100
RF70,600
LLTC70,000
BBD69,600
VIPS69,300
TE69,200
CPN69,000
NXPI67,900
INDA67,600
IBN67,200
EPI67,100
LPI67,100
CCE65,400
NFLX65,200
VWO65,200
RAS64,800
TMUS63,600
LNG61,800
HBAN61,500
NUGT61,100
WPX60,700
WETF60,500
BAX60,400
DHI59,600
VEA59,300
ASHR59,200
ETE59,200
BABA58,900
FOX58,500
ECA58,300
DGAZ58,200
EPE58,100
VALE.P57,800
BRFS57,600
MPC56,900
AKS56,800
JD56,700
NE56,200
SPF56,200
XHB55,900
RTN55,600
WFT55,200
V55,100
XLV54,700
HDS53,700
PPC53,600
CSCO52,600
GLBL52,300
XOP52,100
OIH52,000
AA51,700
CVX51,500
HPQ51,500
CX50,700
EGHT50,300
VZ50,200
EXPE50,000
SE49,000
XLK48,700
AAL48,600
TLT47,900
QRVO47,800
RLGY47,800
ROVI47,600
CAT47,100
MTZ47,100
BTU46,900
SPLS46,600
EMC46,500
VGK46,300
LKQ46,100
MT45,900
PYPL45,400
NLY44,800
SJNK44,400
UGAZ43,300
URBN43,200
GG43,000
MRO43,000
TWTR42,600
SWFT42,500
MTW42,400
KEY42,200
PG42,200
BXLT42,100
CIEN41,900
JPM41,900
BSX41,800
SGY41,700
QEP41,400
LQD41,300
WFM41,300
QLGC41,200
BK40,900
BRCM40,900
GM40,700
HUN40,600
EWZ40,400
IVZ40,400
UNP40,200
IEMG39,700
PHM39,700
CB39,500
MDT39,300
FNSR38,700
DD38,400
TASR38,200
MCD38,100
EPD37,500
XIV37,300
MRVL37,000


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