Client Access 
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Intents (Resting Orders)
Intents are firm indications of interest that can interact with a broker’s own order flow, order flow from other brokers or with other intents within the system. Intents are not part of the marketplace. They are not forwarded out of LeveL to another executing venue or publicly disseminated as part of the national quote streams.
- Intents can be pegged to the primary (same side of market), midpoint, or market (opposite side of market)
- Intents have the capability to require a minimum quantity and block minimum quantity. The Minimum Quantity function will allow aggregated quantities equal to or greater than the submitted minimum quantity to execute. Block Minimum Quantity will only allow a match if the non aggregated quantity is equal to or greater than the minimum quantity submitted.
Orders (IOC)
Orders are instructions from a firm to buy or sell on LeveL. Orders entered into LeveL are matched against intents residing in the book. Orders that will be accepted are limit, market and midpoint IOC (immediate or cancel) orders. They will either match with an Intent, or be canceled back to the originating user.
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