Q1: What is LeveL?
A1: LeveL is a unique electronic alternative trading system (ATS) created by eBX LLC, a joint venture of five industry leaders.
Q2: Who are the investors?
A2: The investors are Citi, Credit Suisse, Fidelity Brokerage Company, Lehman Brothers and Merrill Lynch.
Q3: What is the eBX LLC?
A3: eBX LLC was established for the purpose of creating and operating an alternative trading system.
Q4: What is unique about LeveL?
A4: LeveL's innovative structure maximizes liquidity and provides best execution while minimizing information leakage and market impact. LeveL is a dark book trading platform that provides for multiple crossing opportunities.
Q5: How was LeveL designed?
A5: LeveL has a sophisticated order matching engine that was designed to facilitate the crossing of order flow as well as contra-party trading. LeveL provides the user with highly customizable options to maximize each firm’s own trading strategies.
Q6: What does LeveL deliver?
A6: LeveL delivers best execution, anonymity, liquidity and transaction cost savings.
Q7: When was Level launched?
A7: LeveL was launched on October 16, 2006.
Q8: What products will LeveL trade?
A8: LeveL is an ATS that electronically centralizes the matching of buy and sell orders for securities, according to a predefined logic. LeveL will trade all NMS equities (Listed and NASDAQ).
Q9: How does LeveL work?
A9: LeveL is a sophisticated order matching engine using highly customized technology. With LeveL, customers have the ability to match with their own order flow as well as contra-party trading.
Q10: How do you trade on LeveL?
A10: FINRA member firms can submit a LeveL Participation Agreement for approval to trade in the LeveL marketplace. Customers use a unique order type called an “Intent” which acts as a firm’s indication of interest or resting order to interact with a firm’s own order flow, order flow from other firms or with other Intents within the system. Intents are not displayed.
Customers will be able to route orders through LeveL ATS on the way to the marketplace to seek out best execution opportunities available in LeveL. Orders act as limit and market IOC (immediate or cancel) orders, or can be routed to the marketplace, if no match is found in LeveL.
Q11: What are the trading options with LeveL?
A11: LeveL 1 is a white label “out of the box” platform that provides the customer with a sophisticated order matching engine that allows a firm to match internal sources of order flow to maximize its own execution quality while increasing operational efficiency.
LeveL 2 provides a diverse pool of liquidity and gives firms the ability to customize their trading experience through a cost effective utility model. The LeveL 2 matching engine maximizes liquidity and price improvement opportunities, while minimizing information leakage, by providing the ability to interact with either a list of chosen counterparties, or all of the participants within the LeveL environment.
Q12: Are there market-making opportunities within LeveL?
A12: LeveL provides market makers with a dark book environment and the ability to provide enhanced execution quality to designated customers. With the use of Intents, market makers can use trading strategies to improve their customers’ execution quality and capture order flow as it enters LeveL’s matching engine.
Q13: How do I learn more about LeveL?
A13:
Sales/Marketing:
Whit Conary at 617.350.1601 or
Whit.Conary@LeveLATS.com
Sales:
Stephen R. Miele Jr. at 617.350.1607 or
Steve.Miele@LeveLATS.com
Compliance:
Denise Barros at 617.350.1602 or
Denise.Barros@LeveLATS.com
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