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

TRADING STATISTICS
February 10, 2016



111,171,600
Total Matched Volume*
117,951,850
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
February 10, 2016

UWTI2,549,700
BAC741,800
USO679,200
FDC641,400
ITC547,400
KMI511,700
SPY500,600
IWM445,500
MSFT393,000
PFE376,700
PBR.A351,100
IBN331,100
IAU329,100
GDX326,400
EWJ316,600
EEM315,300
XLE308,600
XLF303,600
MRO287,300
COP284,100
ABX271,800
VXX271,400
KEY257,000
HYG256,500
SIRI246,100
FXI239,900
CSCO237,600
RAD227,200
FOXA226,000
C223,900
ECA215,400
PBR213,200
VALE207,700
WFC204,100
VPCO199,500
CMCSA197,400
APC192,500
TWX187,600
SFUN185,200
QQQ183,700
RF182,000
MS180,700
NXPI178,300
ETE176,100
CHK173,100
TWTR164,800
PAGP162,300
CNX161,200
DIS160,900
SH159,900
VZ152,300
FTI150,800
CX150,200
XLU149,600
MYL149,100
EWZ147,100
FCX146,300
FB142,200
WFT140,200
PYPL137,500
WLL137,000
GLD135,500
T134,100
SLV131,900
RSX129,400
MSTX129,300
WPX129,300
HCP128,500
XLK125,400
HUN123,800
SPLS122,600
XLI122,500
P122,200
EBAY118,500
SBUX118,300
INTC116,300
ABEV115,900
INFY115,500
KGC114,000
FTR113,700
NFLX111,300
CTIC109,600
KO109,400
SU109,200
NBL108,900
AMLP108,800
JNK108,200
VRTX106,400
JD106,100
AA105,900
XBI105,200
EMC104,500
MRK104,400
PCG102,100
GNTX99,700
SCTY99,200
BAX98,800
TEVA98,200
GE97,900
ORCL97,900
AIG96,600
USB96,200
CVE93,700
XLV93,700
NVO93,500
NEM92,700
HES90,700
XOP89,300
PAH88,900
GM88,500
CNQ88,400
XEL88,200
KKR87,500
MUR86,500
JPM86,100
SCHW86,100
CLR85,200
FITB82,800
GPK82,600
DVN82,400
PSEC81,500
XIV81,300
BX80,500
BBT79,100
DXJ78,800
EDE78,300
DBC78,200
VWO77,400
LQD76,800
AMX76,500
OUT75,700
SPLK75,300
S74,700
MDLZ73,600
MET73,100
KR72,700
NOW71,800
NVAX71,600
ZNGA71,400
ESV71,300
TSLA71,100
ARMK70,900
SJNK70,400
WMB70,300
GILD69,800
JCP69,100
AEO68,600
AUY68,200
EFA68,200
OXY67,700
MAT67,600
XLY67,500
SDRL66,900
FXU65,500
F65,100
NVDA65,100
MAS65,000
ALR64,800
NBR64,800
NWSA64,800
AMD64,300
SLB64,300
VIAV64,300
NLY64,100
ETP63,700
ATVI63,600
IYR63,300
CTL62,600
FAST61,900
EWT61,800
XLP61,400
JNPR61,300
TVIX61,200
DF60,800
MDVN60,400
SE60,100
GPS59,600
CBS59,500
RES59,300
SYF59,200
WU58,900
BSX58,700
PDS58,700
HTZ58,500
CSTM58,300
IPG58,100
CVC57,700
SWN57,400
JBLU57,300
NTRS57,300
BABA56,900
AAPL56,400
EXC56,200
SUNE56,200
VER56,100
MU56,000
GG55,800
LNKD55,100
AER54,700
GS54,700


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