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
August 26, 2016



90,007,400
Total Matched Volume*
89,815,580
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
August 26, 2016

EEM1,584,300
BAC1,172,000
GDX1,024,300
XLF576,200
UVXY510,200
CX504,100
GLD454,900
VALE420,100
SPY415,200
ABEV401,000
VXX372,600
RAX349,800
CHK300,100
EWZ286,200
IWM268,800
FXI265,600
SIRI259,900
USO256,300
ESI245,300
CSCO232,900
BRCD230,700
ON222,100
SLV221,100
ITUB220,000
MRO201,900
GE191,400
MU189,900
XLU189,500
MT188,500
EWJ184,900
CCL183,200
X182,300
C182,100
KMI175,300
DGAZ174,900
ABX160,900
F159,400
CIE159,200
FCX156,000
WFC153,400
GG145,900
S145,000
T143,000
KRE140,100
RF139,800
POT134,500
MSFT133,200
XBI132,600
HYG132,100
PBR129,600
GM128,200
VWO124,500
AMD124,200
STJ123,000
ABT122,800
VZ121,500
PFE118,100
INTC113,900
AAPL113,600
NKE113,000
WLL111,200
BBD110,600
EFA110,300
KEY110,000
VIPS108,600
AMAT107,800
KO107,000
XIV106,200
PSTG106,100
NUGT105,900
HBAN104,200
SYF104,100
SWN103,500
IYR102,100
XLP97,200
HPQ95,200
MRVL94,100
QQQ94,000
SE93,600
SCHW93,200
UNG92,800
FTR92,100
OAS91,200
FOXA90,500
CSX88,600
IEMG86,700
TLT86,200
XOP85,700
XLE85,300
AKS85,200
VALE.P82,200
UCO81,600
XLI81,100
RSX80,100
STI79,300
XLV79,300
WMB78,600
CDE77,200
DG76,300
MDVN75,700
PSG75,700
NGD75,300
HLF75,200
GPOR75,100
EPD75,000
CLF74,600
JPM74,600
PTEN73,500
FEYE73,400
GME72,800
EXEL72,300
FHN72,100
MPEL71,600
VER70,600
KS70,300
EWT69,400
GSM69,400
HMY69,000
ECA68,800
WMT68,300
UWTI65,500
RAD65,300
AUY64,900
CUZ64,600
RIG63,900
SO63,100
MRD62,400
AVP61,900
DRH61,600
BABA61,400
MRK61,400
WPX61,400
WU61,400
KGC61,300
DXJ60,800
PVG60,100
SABR59,400
XME59,300
HZNP58,800
SYMC58,600
ETE58,500
WEN58,500
HL58,200
IONS58,200
KBE58,000
JCP57,800
ZAYO57,700
CENX57,500
INFY57,000
JNK56,900
EWP56,700
IAG56,500
PG56,200
IP55,700
ESV55,600
CBD55,400
BTG54,700
GRPN54,700
EVER53,600
BCS53,500
QEP53,400
AMX53,300
GILD53,300
ATVI53,100
DDR52,900
NBR52,400
TSM52,200
TWTR52,200
ERIC52,000
MOMO51,900
NYCB51,500
DUST51,400
LC51,400
GLW51,000
SDS50,500
LQD50,400
NLY50,400
CMCSA50,300
MDT50,300
EXC50,100
GDXJ50,100
DBB49,600
UUP49,600
CAT49,500
JNJ49,300
TGT49,100
CPN49,000
FLO49,000
EMB48,800
SFUN48,600
BSMX48,500
IAU48,300
SRC48,200
GNW47,500
ESRX47,400
NE47,200
CFG47,000
ADMP46,600
ZTS46,600
ASNA46,200


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