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 23, 2017



80,989,600
Total Matched Volume*
93,566,871
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 23, 2017

XLF826,400
BAC712,200
VXX563,400
USO551,200
GDX455,600
VER342,900
CSCO337,400
ALXN321,000
PBR.A320,400
KOS315,200
NOK313,000
ITUB310,800
VALE301,400
VALE.P295,100
ABEV286,500
FCAU278,600
AKS251,400
HUN245,100
CHK221,700
UNG221,000
ERIC200,900
GE193,900
F188,500
FMSA187,500
SPY186,400
EEM183,700
AMLP182,800
EWZ180,000
QCOM174,700
SLV174,700
S163,800
GM158,200
SWN156,000
JNK155,000
KEY152,900
MRO149,600
COG143,200
IWM141,000
BBD140,400
SQ134,500
PFE133,400
XLU127,500
SIRI127,200
CELG127,100
CLF126,900
GGP126,100
MRVL124,900
AMD123,500
GLD123,300
GGB123,200
HAL121,800
EFA119,100
MGM118,900
AAPL117,900
XOP117,200
MSFT116,500
PM116,500
FTR114,600
TWTR112,600
INTC112,500
SO112,500
PLYAW112,400
CMCSA111,300
EXEL109,900
ORCL109,800
CSX107,700
RF107,400
C105,700
ZNGA105,300
UVXY103,800
BABA103,300
GPK101,200
KO100,700
WBA100,600
AVP100,000
LOW99,500
RDN98,600
KIM98,300
NBR98,100
JPM97,700
MAT96,800
SRC92,600
HMNY90,800
AEO90,300
LBTYK90,000
MDLZ90,000
FITB88,600
GPS88,600
TEVA88,000
VG86,600
EBAY86,300
PBR86,300
TSM86,200
CIT86,000
CPB85,100
ABX84,200
BRCD84,100
POT83,500
ATVI81,500
SNY81,500
KR81,200
ADM80,300
KMI79,300
GILD78,900
MPW78,200
AIG77,400
ON77,100
P76,900
WFT76,200
PDS75,800
OCLR74,700
FOXA74,600
AUY73,400
GLYC72,800
AMAT71,600
VNQ71,500
KGC70,900
CX70,300
MU70,000
AMGN69,900
DYN69,300
STLD67,500
MTG67,100
ECA67,000
NRG66,900
XLNX66,900
FCX66,700
MOMO65,600
XRT64,600
JNUG64,000
WIN62,400
SYF61,900
DG61,700
SSNC61,400
SAN61,100
EXC60,800
FXI60,700
CZR60,500
ESRX60,500
VWO58,600
YUMC58,600
KRE58,300
PF57,700
DDR57,500
HPQ57,400
T57,200
TJX56,700
NYCB56,600
TTWO56,100
EGO55,900
NUAN55,900
BMY55,700
BBRY55,500
GDXJ55,400
NKE55,200
VEA54,900
CHS54,700
BG54,000
SM53,900
RRC53,500
NBL53,400
CNQ52,400
CVS52,200
DIS51,800
PTEN51,600
MNST51,300
JNS50,800
MS50,800
CTL50,700
XLE50,700
LB50,000
RAD49,600
CFG49,300
OAS49,200
SBUX48,900
FEYE48,800
H48,500
CERS48,100
CPN48,100
WPX48,100
RIG48,000
HZNP47,400
MT47,000
ROST47,000
ENDP46,800
CY46,500
MYL46,300
NOW45,800
AR45,200
IEMG44,800
IBN44,600
ACWI44,000
JD44,000
AKAM43,500
ETE43,400
BF.B43,300
SPXU43,300
ILMN42,900
BKLN42,700
IVZ42,600


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

HOMESITEMAPORDER EXECUTION DISCLOSURECLEARLY ERRONEOUS POLICY
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