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: DOES LEVEL ATS UTILIZE INDICATIONS OF INTEREST (IOI) IN ANY WAY? A4: No. LeveL ATS does not send or receive IOIs. Q5: WHERE IS THE LEVEL ATS MATCHING ENGINE LOCATED? A5: 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. Q6: CAN I CO-LOCATE WITH LEVEL ATS? A6: No. LeveL ATS does not offer the ability to co-locate with the matching engine. Q7: WHAT IS LEVEL ATS' MARKET PARTICIPANT ID (MPID)? A7: The MPID for LeveL ATS is EBXL. Q8: WHAT IS LEVEL ATS' MIC CODE? A8: The MIC CODE for LeveL ATS is LEVL. Q9: WHAT ARE THE HOURS OF OPERATION FOR LEVEL ATS? A9: 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)
Q10: HOW DO I ENTER AN ORDER ON LEVEL ATS? A10: LeveL ATS supports order entry via FIX 4.2. Q11: WHAT SECURITIES DOES LEVEL TRADE? A11: LeveL ATS trades US Equity NMS securities. Q12: WHERE DOES LEVEL ATS GET ITS MARKET DATA? A12: LeveL ATS sources market data from exchange SIP feeds, delivered from the Thesys Technologies, LLC ticker plant solution. Q13: DOES LEVEL ATS EXECUTE OUTSIDE THE NBBO? A13: No. LeveL ATS is designed to execute at or within the known NBBO at the time of the execution. Q14: WHERE DOES LEVEL ATS PRINT ITS TRADES? A14: LeveL ATS executions are printed to the FINRA/NASDAQ TRF. Q15: HOW DOES LEVEL ATS DETERMINE A SYMBOL AS "OPEN"? A15: 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. Q16: WHAT IS THE PRIORITY MODEL FOR ORDER MATCHING? A16: LeveL ATS is designed to match all orders based on Price/Time priority logic, barring additional execution instructions. Q17: WHAT ORDER TYPES DOES LEVEL ATS SUPPORT? A17: LeveL ATS Supports Resting and IOC (Immediate or Cancel) Market, Limit and Peg order types. Q18: HOW DOES CANCEL-REPLACE AFFECT MY ORDERS PRIORITY? A18: 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. Q19: DOES LEVEL ATS SUPPORT ODD LOTS OR MIXED LOTS? A19: 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. Q20: DOES LEVEL ATS SUPPORT MIN QTY? A20: Yes. LeveL ATS offers both aggregation and non-aggregation options for MinQty. MinQty instructions are defined by the user on an order-by-order basis. Please contact LeveL ATS for more details Helpdesk@LeveLATS.com or 800-958-4813. Q21: HOW ARE ORDERS HANDLED IN A LOCKED MARKET? A21: 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. Q22: HOW DOES LEVEL ATS DETERMINE PRICE IMPROVEMENT A22: LeveL ATS was designed to split price improvement equally between both sides of an execution. Where two orders are eligible to match at multiple price levels, LeveL ATS will seek to match the orders within the NBBO at the midpoint of the trading range as determined by each orders 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
Q23: DOES LEVEL ATS OFFER THE ABILITY TO CUSTOMIZE THE TYPE OF FLOW I INTERACT WITH? A23: 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. Q24: DOES LEVEL ATS PROVIDE CUSTOMIZED REPORTS? A24: 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.

TRADING STATISTICS
May 04, 2016



104,031,800
Total Matched Volume*
99,746,600
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 04, 2016

EEM1,000,900
BAC845,100
VALE732,300
FTR529,700
USO514,500
GDX507,500
VXX473,700
XOP469,500
JNK423,900
HBAN380,500
SYRG368,800
TLT359,400
FCX357,700
GE340,400
HYG327,500
XLF304,900
XLI304,500
SPY293,400
CY286,500
MRO284,400
PBR284,000
JD279,500
MU276,400
AKS275,300
MS264,900
ITUB259,900
IEMG239,700
NE232,800
EWZ208,700
EWJ208,400
F194,700
XLU190,600
PFE190,000
VWO189,100
FDC181,700
SIRI181,600
RF179,000
FXI177,200
AMX173,700
IYR172,900
DDR171,500
CSCO167,000
INTC166,100
WFT164,400
C163,700
IWM156,700
ABEV156,400
XLE156,400
WLL154,300
CVC152,900
EMC151,900
WU148,400
ABT147,000
MSFT145,600
XLB145,100
GLD144,800
TEVA143,500
CPGX141,500
VALE.P137,300
CX134,900
WFC134,400
TWTR133,400
RTN133,300
SFUN131,700
ABBV130,800
OZRK130,100
BBD128,200
VRX125,000
AUY124,800
P124,300
ESV124,100
JPM121,600
IBN120,700
ABX119,600
LC119,600
BRCD117,500
CHK117,100
FOXA113,600
UA113,300
DAL112,200
MGM107,300
ORCL104,900
AA104,700
YHOO104,300
CLF103,900
XLK103,600
NVDA102,700
GLW102,100
HAL102,100
PHM101,700
JCP101,000
AAPL100,400
XLV99,500
SRCL99,000
WPX98,600
INFN98,200
AXP96,800
UNP96,500
ECA94,700
ALLY94,300
DVN94,200
T93,300
AMLP92,500
EFA92,300
GILD91,100
GLUU89,700
GNW89,700
VFC89,700
DRH89,600
QCOM88,600
TVIX88,100
UVXY86,400
CRC86,200
X85,400
BCS84,200
XRX83,900
RAD83,700
WIN83,100
RIG81,900
GM81,600
DISCA81,000
VIAV81,000
AIG80,600
NBR80,600
IRM80,000
LSCC79,400
KEY79,300
SHY79,300
MT78,500
NLY78,300
MSTX78,000
OPWR77,600
FB77,300
OCLR75,800
CBS75,200
SERV75,000
SLV74,400
GLPI74,300
STI73,900
RSX73,700
MTW73,600
KBE72,900
KMI72,800
LM72,800
AMAT72,600
CMCSA72,500
HTZ72,400
EWT72,100
TCK72,000
EWY71,600
DUST71,200
EQR71,200
SH70,400
UNG70,100
CTL68,600
KKR68,600
HLT68,500
ODP68,200
UUP67,700
AZN67,500
XBI67,100
XLY66,900
ETE66,800
OAS66,500
HCN66,100
EWU65,900
EBAY65,600
XOM65,500
AAL64,300
TWX63,600
PDBC63,000
EPD62,200
SMH62,100
XME62,000
XLP61,900
BMY61,700
BXLT61,300
CFX60,800
AMAG60,400
GRPN60,300
SCHW59,600
RDS.A59,500
CUZ59,400
CAH59,200
AMJ59,100
MDVN58,700
RBS-E58,500
HPE58,400
VZ58,400
GPS57,400
RLYP56,900
UA.C56,400
BAX56,200
Q56,100
GGB55,800
BSX55,500
KO55,500
SRC55,200
BWA54,900
SLW53,900


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