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: WHERE IS THE LEVEL ATS MATCHING ENGINE LOCATED? A4: 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. Q5: CAN I CO-LOCATE WITH LEVEL ATS? A5: LeveL ATS does not offer the ability to co-locate directly with the matching engine, however as noted above, the LeveL ATS Matching Engine is located in Equinix NY4. Q6: WHAT IS LEVEL ATS' MARKET PARTICIPANT ID (MPID)? A6: The MPID for LeveL ATS is EBXL. Q7: WHAT IS LEVEL ATS' MIC CODE? A7: The MIC CODE for LeveL ATS is LEVL. Q8: WHAT ARE THE HOURS OF OPERATION FOR LEVEL ATS? A8: 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)
Q9: HOW DO I ENTER AN ORDER ON LEVEL ATS? A9: LeveL ATS supports order entry via FIX 4.2 only. Q10: WHAT SECURITIES DOES LEVEL TRADE? A10: LeveL ATS trades NMS securities that are listed to trade in 100 share lots. Q11: WHERE DOES LEVEL ATS GET ITS MARKET DATA? A11: LeveL ATS sources market data from SIP feeds, delivered from the Thesys Technologies, LLC ticker plant solution. Q12: DOES LEVEL ATS EXECUTE OUTSIDE THE NBBO? A12: No. LeveL ATS is designed to execute at or within the known NBBO at the time of the execution. Q13: WHERE DOES LEVEL ATS PRINT ITS TRADES? A13: LeveL ATS executions are printed to the FINRA/NASDAQ TRF. Q14: HOW DOES LEVEL ATS DETERMINE A SYMBOL AS “OPEN"? A14: 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. Q15: WHAT IS THE PRIORITY MODEL FOR ORDER MATCHING? A15: LeveL ATS is designed to match all orders based on Price/Time priority logic, barring additional execution instructions. Q16: WHAT ORDER TYPES DOES LEVEL ATS SUPPORT? A16:

  • Market
  • Limit
  • Peg
    • Market
    • Midpoint
    • Primary
  • Conditional

For more information about our order types, or additional order instructions, please contact our Help Desk at Helpdesk@levelats.com or 800-958-4813.
Q17: DOES LEVEL ATS UTILIZE INDICATIONS OF INTEREST (IOI) IN ANY WAY? A17: LeveL ATS accepts both Firm Orders and Conditional Orders. Conditional Orders, which function similarly to IOIs, never execute and, instead, are instructions to the LeveL ATS that the subscriber wishes to interact with the LeveL ATS order book on a conditional basis. In the event eligible contra party interest exists, the subscriber that submitted the Conditional Order will be sent an invitation to submit a Firm-Up Response Order to the LeveL ATS.

LeveL's default system setting for Firm Orders is to not generate invitation requests, (IOIs). Subscribers have the option to request that this default setting be removed for their orders. Once removed, subscribers may designate, on an order-by-order basis, which of their Firm Orders are ineligible to generate a Firm-Up Invitation (IOI) to Conditional Orders.
Q18: HOW DOES LEVEL ATS HANDLE CONDITIONAL ORDERS? A18: A Conditional Order is an instruction to the ATS that the participant wants to interact with the order book on a conditional basis. A Conditional Order never executes; instead, when a Conditional Order would have otherwise matched with a contra party, the Conditional Order will be canceled by LeveL ATS and an invitation will be sent to the originating participant, inviting them to send a Firm-Up Response Order.

  • LeveL ATS will honor all execution instructions on an order-by-order basis for Conditional Orders and Firm-Up Response Orders; however, executions will only occur at the midpoint of the NBBO at the time of the execution.
  • All Participants in good standing are allowed to place Conditional Orders.
  • All Fills on Conditional Order Firm-Up Responses will only be non-aggregated fills.
Q19: HOW DOES CANCEL-REPLACE AFFECT MY ORDERS PRIORITY? A19: 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. Q20: DOES LEVEL ATS SUPPORT ODD LOTS OR MIXED LOTS? A20: 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. Q21: DOES LEVEL ATS SUPPORT MIN QTY? A21: Yes. By default LeveL ATS allows aggregation to satisfy MinQty, however; subscribers, can include an execution instruction on an order-by-order basis to achieve only non-aggregated fills. Subscribers can also choose from several other execution instructions to further control how their leaves are handled in relation to their MinQty instructions. Please contact LeveL ATS at Helpdesk@LeveLATS.com or 800-958-4813 for more details. Q22: HOW ARE ORDERS HANDLED IN A LOCKED MARKET? A22: 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. Q23: HOW DOES LEVEL ATS DETERMINE PRICE IMPROVEMENT A23: LeveL ATS is designed to split price improvement equally between both sides of an execution of Firm Orders.

Firm-Up Response Orders will only execute at the Midpoint of the NBBO at the time of the execution.

Where two Firm orders are eligible to match at multiple price levels, LeveL ATS will seek to match the orders at or within the NBBO at the midpoint of the trading range as determined by each order's 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.
Q24: DOES LEVEL ATS OFFER THE ABILITY TO CUSTOMIZE THE TYPE OF FLOW I INTERACT WITH? A24: 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.
Q25: DOES LEVEL ATS PROVIDE CUSTOMIZED REPORTS? A25: Upon request, LeveL will review any such request and, when appropriate, provide customized reports. For more information please contact our Help Desk at Helpdesk@levelats.com or 800-958-4813.

SHOW ALL ANSWERS

TRADING STATISTICS
February 27, 2017



84,258,000
Total Matched Volume*
93,478,533
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
February 27, 2017

GDX967,700
VXX750,200
AMD584,200
XLF471,900
EEM409,200
GE404,400
BAC390,500
FCX355,000
SWN352,100
CHK336,800
F324,000
JCP311,200
JNUG308,700
SPY303,800
IWM302,500
FTR243,000
GDXJ229,300
XLP227,300
SIRI226,800
AES224,300
AAPL210,100
ENB201,700
T195,500
CLF185,700
HST175,200
NGD172,300
SLV167,600
NUGT167,300
INTC166,600
XLU162,700
HTGM161,800
ECA154,300
MSFT153,100
GLD150,400
XLK147,900
CSCO147,700
VALE145,400
HPE144,100
USO141,700
PBR141,500
AUY139,100
EFA134,900
XLB134,300
WLL134,200
VZ133,300
TVIX125,100
VIP124,400
IEMG119,800
PFE117,300
NOK116,800
MDLZ113,400
JNK111,200
HL110,900
MENT110,600
ORCL109,300
DGAZ107,000
CPN106,600
CX104,900
AFSI102,500
RF102,200
ASNA101,300
ZNGA98,600
GG95,500
CPE95,000
AKS94,400
VIAV93,600
S93,400
IAG92,800
INFY92,800
LQD92,400
ABEV92,000
OCLR92,000
MRK91,100
UNG90,200
XLI89,400
GRPN88,800
XOM88,400
QQQ88,100
FXI87,400
HRB87,400
KMI87,000
MRO86,100
WFT85,400
XLE84,800
IBN84,700
KR83,900
SQ83,800
UVXY83,600
CMCSA82,500
CNQ82,000
DRYS80,800
TSM80,800
DOW80,000
UAA79,700
LJPC78,700
GM78,000
XLV78,000
RSX77,200
SLB75,800
RES75,700
NE75,300
C75,100
XRX74,700
FCE.A73,300
HPQ72,700
RIG72,300
MU70,800
BBRY70,700
BCRX70,600
PG69,900
ODP69,300
CHS69,000
RAD68,900
KRE68,800
QCOM68,800
ALLY68,100
BSX68,100
MET67,700
KEY67,500
LYG67,400
UGAZ67,300
ABX67,200
JPM67,100
GGP66,900
BRCD66,800
HBI66,800
XOP65,000
ATVI64,400
IEF63,800
VWO63,200
KGC63,000
DYN62,800
WFC62,700
FAZ62,600
VG61,900
HYG61,000
ITB60,900
VALE.P60,400
UA60,100
FB60,000
MO59,800
PTEN59,700
DRH59,200
EWZ59,000
BP58,900
KORS58,600
CSX58,200
EGO58,000
NRG58,000
SBUX57,100
WEN56,600
CCL56,400
GNRT55,800
TWTR55,300
CDEV54,500
WPX54,000
VNQ53,900
NEM53,600
SCHW53,600
FRAC53,400
SRC53,000
FTI52,900
EMB52,800
SN52,500
ABT52,300
MPC52,200
BTG51,400
EWJ51,400
QEP51,300
AZN51,100
BBT51,100
VER50,800
WY50,800
MS50,300
X50,300
HCLP50,200
CYH49,700
DHI49,700
AMAT49,100
GFI49,100
IBB49,000
TRI48,600
EXC48,500
WMB48,500
KHC48,300
TLT48,300
COG48,200
ESV48,100
TECK48,100
NRZ47,900
AVP47,700
FLT47,600
GGB47,300
NVDA47,300
LPI47,200
PPHM47,100
ZTO47,100
FOXA46,700
SLW46,600
MAT46,200


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