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
May 24, 2017



83,363,600
Total Matched Volume*
93,000,022
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
May 24, 2017

ITUB1,409,300
XLF702,700
USO654,000
BAC642,500
VXX579,800
GE568,500
XOP507,700
PBR498,800
GDX470,600
EEM376,300
VZ359,200
VALE.P313,300
SPY297,500
WFT290,900
CHK280,700
AIG275,400
AMD235,600
ECA230,600
GGB219,900
VALE215,300
ALXN195,400
NOK193,700
SIRI193,500
KIM183,200
FGL180,400
KR180,000
FCAU177,400
EWZ177,200
CMCSA171,700
PBR.A170,500
ABEV163,700
STNG161,000
FTR160,900
F159,700
CLF158,000
KMI157,600
CSCO148,800
TLT146,000
CHS144,300
AKS144,200
EFA137,700
BBD137,300
SRC132,500
P131,300
LBTYA130,900
DG126,200
VER125,600
MSFT124,000
SLV117,400
SNY117,400
PFE114,300
IWM113,900
LQD113,400
TSM111,700
RAD111,000
UNG109,600
INTC108,400
JNK108,100
CX107,800
GGP107,500
ZNGA106,900
INO106,000
TWTR105,000
DYN104,300
JNUG102,800
UVXY102,500
EBAY102,200
XLU101,700
DDR101,400
MU100,900
LBTYK100,400
ABX99,800
RF99,800
PBYI99,500
WPX99,200
FXI93,800
NBR93,500
XLV93,500
MFC92,100
MAT91,900
LOW91,800
FITB91,300
XLY90,600
SBGL88,800
DATA88,700
TEVA88,000
OPK87,700
KO87,100
MDT86,300
MRO86,100
NBIX85,900
MRVL85,800
FCX85,000
AAPL84,900
BBY84,000
OAS83,300
CFCO81,900
KGC81,800
CY81,300
TGI79,900
HAL79,800
AEO79,700
GLYC79,000
YHOO78,900
C77,900
XBI75,800
GLD75,600
ADSK74,800
SQBG74,500
SPLS74,400
XLI73,900
GDXJ73,300
BSX73,000
PDLI72,600
UWT72,000
XLK72,000
HPQ71,100
TGT71,000
MDLZ70,600
RSX68,900
CELG67,900
CIT67,700
MPC67,700
SPLK67,700
SWN66,800
FCE.A66,400
KOS65,700
TJX65,700
NVDA65,600
EXEL64,600
GM64,400
QCOM64,300
AMLP63,900
UGAZ63,000
X62,700
IAU62,300
EOG61,400
FMSA61,300
CERN60,900
HUN60,800
LNG60,300
NLY60,000
YPF59,800
GRUB59,500
VVV59,200
ATH59,100
TTD58,800
XLE58,600
DHI58,200
T57,200
CSX56,600
UCO55,700
ALNY55,400
PHM55,200
A54,200
RIG53,900
WLL53,600
CERS53,400
EXC52,800
ADP52,700
HZNP52,300
DY52,200
MS52,000
GG51,600
HYG50,800
ARI50,600
IDTI50,100
NRG49,800
WFC49,400
BIDU49,300
PDS49,100
XOM49,000
TXN48,600
DAL48,000
INFY48,000
ZTS47,800
WMT47,700
CPN47,300
SYMC47,100
ASNA47,000
NGD46,800
MJN46,200
PEI45,900
NTAP45,700
ENB45,400
ODP45,400
JCI45,200
BRCD44,900
VIPS44,900
FLEX44,800
SYF44,400
GFI44,200
GPK43,900
HCP43,900
SNAP43,500
KBH43,400
WDC43,400
HPE43,100
MOMO42,700
FRED42,600


DOWNLOAD TOP SYMBOLS

APRIL 2017 HIGHLIGHTS



LeveL ATS executed an average 87 million shares a day 37% of average daily volume was executed at the Midpoint 51% of average daily volume was in the Small & MidCap Space LeveL ATS saw an average 4,446 symbols executed daily

NEWSLETTERS

05/04/2017
 
Posted By: Chiara Sarata
May 2017 Newsletter
03/06/2017
 
Posted By: Chiara Sarata
March 2017 Newsletter
02/07/2017
 
Posted By: Chiara Sarata
February 2017 Newsletter
01/06/2017
 
Posted By: Chiara Sarata
January 2017 Newsletter

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