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
September 28, 2016



102,731,000
Total Matched Volume*
98,032,158
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
September 28, 2016

COTY#922,800
XOP871,200
USO833,000
RAD810,700
RIG697,800
XLF602,800
COTY588,500
MU529,300
EEM515,800
GXP481,700
XLE457,000
WFT448,500
GDX447,300
WLL382,000
BAC358,500
SPY354,900
ECA345,700
NVAX345,000
UWTI335,900
PG331,200
GE322,500
CHK291,000
DIS275,300
AMLP245,800
FCX242,500
NE237,100
T236,000
NKE234,600
OAS222,300
EXEL220,700
WFC218,600
VXX204,100
SDRL200,200
FITB195,400
XLU191,900
HYG184,200
SBUX170,500
C166,500
EGO165,100
UVXY164,900
HST164,300
EWZ163,000
CX162,700
F161,600
SIRI160,000
UCO159,100
SYMC158,500
MSFT157,900
BBRY155,900
GGP155,600
JNK153,500
MRO150,900
KEY149,100
MDR149,100
ARRY148,700
PBR145,300
CFG144,000
EFA143,900
IWM137,100
EBAY136,100
TWTR135,600
LQD134,100
XOM133,800
WPX128,400
RSX128,000
CPE127,000
PBR.A125,700
MT124,900
COP123,900
KO122,900
NBR122,400
GRPN121,600
KR121,200
HBAN120,000
DNR119,500
FEZ119,100
RICE119,100
AAPL117,800
EWT116,400
CBS115,200
VALE114,700
KMI113,400
RDC113,400
SPN113,400
TEVA111,300
ON110,900
CNQ109,700
AMAT108,000
CSCO107,900
AIG106,000
BHI105,700
ERIC105,300
UNG105,200
TRGP105,100
RF104,400
DUST104,000
MS103,500
SYRG103,200
DVN102,200
TPX101,800
DWTI99,900
VWO98,900
PAH98,700
BBD98,600
XIV97,900
ACOR97,000
VIP96,800
JCP96,400
CLF96,200
MRVL95,300
ITUB95,200
FTR93,700
RIO93,700
PFE91,900
HAL91,100
AKS89,000
HIMX88,600
INTC88,400
FXI88,300
SXL85,800
GM84,900
PYPL84,400
APC83,300
GLD82,900
SWN82,700
DO82,600
HFC82,000
MTU81,000
COG80,000
AVXL79,800
GG79,800
VZ79,700
HPQ79,400
SLB78,800
VLO78,700
BMY78,500
JD77,900
CXW77,400
JCI77,400
ESV77,300
EXC76,700
CAT75,400
HLT75,200
JBLU74,800
SYF74,300
X74,100
BIL72,700
ABX72,000
FMSA71,700
DB71,400
MSTX71,200
QEP71,200
ETR70,900
HPE70,800
ORCL70,800
EZU70,700
AES70,200
CPN69,700
XLI69,500
ODP68,900
TCK68,700
SLV68,500
MDLZ67,800
DGAZ67,300
AMD67,000
APA66,300
GILD65,900
HL65,700
BSV65,200
MRK64,800
NUGT64,300
FOXA62,900
ENDP62,400
AUY62,300
MPW62,200
V61,800
ATW61,700
NLY61,200
VALE.P60,200
PAYX59,000
CBD58,900
INFY58,600
NBL58,100
HLX57,900
NOK57,500
VER57,000
MET56,900
XLP56,500
PAGP56,300
VIAB56,000
HOS55,900
RPTP55,500
MGM55,400
BRX55,200
CVE55,200
BP53,500
BABA53,400
BTG52,600
CTSH52,600
WEN52,600


DOWNLOAD TOP SYMBOLS

AUGUST 2016 HIGHLIGHTS



LeveL ATS executed an average 88.7 million shares a day 31% of average daily volume was executed at the Midpoint 50% of average daily volume was in the Small & MidCap Space LeveL ATS saw an average 4,639 symbols executed daily

NEWSLETTERS

09/08/2016
 
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September 2016 Newsletter
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July 2016 Newsletter
06/13/2016
 
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June 2016 Newsletter

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