Frequently Asked Questions
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: What Is eBX LLC?
A2: eBX LLC was established for the purpose of creating and operating an alternative trading system.
Q3: When Was LeveL ATS Launched?
A3: LeveL ATS was launched on October 16, 2006.
Q4: What Makes LeveL Unique?
A4: LeveL's innovative structure maximizes liquidity and provides best execution while minimizing information leakage and market impact. LeveL also offers the ability to choose your trading partners by creating a list of chosen counterparties. Our newest ordertype SmartBlockSM is another unique feature which allows the user to control the rate of execution if a stock moves away from the market.
Q5: How Does LeveL Work?
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 specific trading strategies.
Q6: What Does LeveL Deliver?
A6: LeveL ATS delivers best execution, anonymity, liquidity and transaction cost savings.
Q7: What Products Will LeveL Trade?
A7: 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).
Q8: What Are LeveL's Hours Of Operation?
A8: LeveL ATS is open for trading 9:30am - 4:00pm EST
Q9: What Order Types Does LeveL Accept?
A9: LeveL offers customers three order types, Resting Orders, IOC (Immediate or Cancel) orders and our custom order type SmartBlockSM. LeveL does not send or receive IOIs (indications of interest); all orders sent to LeveL remain dark.
Q10: What Is SmartBlockSM?
A10: SmartBlockSM is a resting order that has all of the current functionality of a regular resting order with two additional features. SmartBlockSM allows a user to control the rate of execution if a stock moves away from the arrival price.
Q11: What Are The Trading Options Within 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 ATS provides market makers with a dark book environment and the ability to provide enhanced execution quality to designated customers. With the use of Resting Orders, 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: Please feel free to contact us!
Sales:
Whit Conary at 617.350.1601 or
Sales:
Stephen R. Miele Jr. at 617.350.1607 or
Compliance:
Denise Barros at 617.350.1602 or