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 29, 2016



72,015,400
Total Matched Volume*
88,967,952
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 29, 2016

ABEV1,027,700
XLF830,000
BAC665,300
EEM643,400
MU308,800
GDX304,500
VALE283,500
PBR264,500
CSCO238,600
EWJ235,500
STJ221,800
USO216,100
JPM207,800
FXI204,300
EWZ198,300
F191,800
SPY190,000
INTC184,800
WMB184,700
COG183,200
WFT173,300
EMC169,400
VXX162,900
WFC161,100
XLV155,900
UVXY154,700
EFA153,400
JCI149,600
GE149,300
SIRI148,600
KO147,900
GLD144,400
OXY143,700
PFE142,900
DIS142,200
SYMC131,700
VWO129,600
HBAN126,300
ITUB123,900
WLL119,900
USG117,500
MSFT115,400
VZ115,000
RAD114,400
XLI113,200
KEY112,700
NE111,600
T111,000
CHK110,900
JNK108,900
RAX108,400
ATVI108,100
FOXA107,100
FTR104,900
VIPS103,800
AMAT102,700
PLCM101,200
IWM95,900
AAPL95,800
XLU95,700
GNW94,200
SYRG92,400
ZNGA91,100
STR90,500
MS89,400
XLP87,100
CAT87,000
KMI86,700
BSX85,400
ESRX83,800
RAI83,800
XLE83,500
QEP83,200
PBR.A83,100
EUFN82,400
IBN82,000
WMT81,200
MRO80,800
CUZ80,200
FCX78,700
C77,900
MDVN77,600
SWN77,400
CXW76,400
KRE75,900
SCHW74,600
BBY74,500
SLV72,600
AA72,300
BBD71,900
CF71,500
MYL71,200
KGC71,000
ON71,000
USB70,600
EXPR70,300
XLK69,700
GILD69,000
VALE.P68,800
SFUN68,500
CZR67,700
BZH67,100
RSX67,100
RF66,200
UCO65,100
CSX64,700
EXEL64,000
KMB63,900
ABT63,800
HPE63,800
EPI63,400
KR62,900
EOG62,700
SPLS62,600
CX61,900
AES61,800
AMD61,600
XME61,600
PTX61,500
AGG61,300
AKS60,800
ABBV60,100
AEO58,600
OMC58,500
CSTM58,100
JCP58,000
XOP58,000
TDC57,800
FIT57,700
MCUR57,400
UNG57,400
IEMG57,100
TCK57,100
LUV55,200
TTWO54,500
CCL54,200
TWTR54,000
BRCD52,700
OCLR52,600
PAA50,300
GG49,800
CBL49,500
HPQ48,300
PG48,200
NUGT48,100
GFI47,900
CFG47,800
BABA47,100
XRX46,400
PAY46,200
X46,200
DG46,100
DGAZ45,800
HYG45,100
ERX44,500
WEN44,100
ELY43,900
ADMP43,700
SBUX42,600
MET42,400
IAG42,300
BAX42,200
DOW42,200
GM42,000
JD41,500
TLT41,500
UWTI41,300
WPZ41,200
CNP41,100
LDOS40,900
AXLL40,700
FITB40,500
DDR40,400
LLTC40,300
WETF39,700
FLO39,600
CL38,100
SABR38,000
IMNP37,900
CCE37,800
S37,700
FOX37,400
CYH37,300
EWT37,200
PDS37,000
PDLI36,900
GRPN36,700
PM36,600
GLW36,500
MBT36,500
TYC36,500
IEF36,200
P36,200
EBAY36,100
OAS35,900
OSUR35,500
UUP35,500
EXC35,100
NBR34,800
ISIL34,700


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