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
July 19, 2017



84,142,800
Total Matched Volume*
77,067,167
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
July 19, 2017

VXX846,500
RAD620,200
BAC543,100
USO522,500
EEM443,100
CSCO373,300
XLF364,000
AEZS333,800
ERIC332,100
XLE258,300
GE254,600
BCAC250,000
PBR248,400
C230,600
BBD229,700
PFE218,500
MDR210,300
WPX204,200
AMD203,000
T198,200
VZ192,600
COG190,800
ECA190,300
SPY185,300
CSX184,400
CHK184,000
XOP184,000
MRO178,700
DCTH170,300
MSFT166,100
GDX163,900
NOK158,100
JNK154,000
SIRI152,100
QQQ151,700
RF149,500
VALE141,900
VALE.P140,800
WFM140,200
KGC140,000
KRE138,900
CMCSA133,600
VRTX132,000
HYG131,900
FXI130,800
WMB130,200
UAL129,600
ABEV123,100
CAG122,400
SFUN122,100
SWN121,500
BK119,800
PBR.A119,300
CX117,900
DAL116,900
ODP116,300
INFY116,200
NVAX115,900
ORCL115,400
ESV114,700
VIPS114,200
MS111,000
SYF107,500
SNI107,400
MU106,200
ITUB104,200
NLY101,600
RAI100,600
DOV100,500
BDSI98,800
COP98,200
AKS98,000
NTRS94,700
AKRX91,800
GPOR91,700
SAN90,700
FB90,600
KR89,700
BRCD88,500
XLI87,100
SYMC86,700
SMH85,800
DISCA85,600
HST84,800
HPQ84,500
WFC83,100
WLL81,600
NRG81,000
TSM80,900
ZNGA79,700
EBAY79,600
AMLP79,500
EMB78,200
F77,500
HAL76,900
NFLX76,800
RICE76,700
MDT76,000
SPLS76,000
KMI75,800
AAPL75,500
UCO75,100
LPI74,800
CY74,700
EWZ74,400
AABA73,600
HOG73,400
INTC72,000
STNG72,000
MDLZ71,700
NBR71,700
PYPL71,600
JCP71,200
CPE70,100
HPE70,100
TECK69,400
FCX69,200
SCHW69,100
DDR68,100
MO67,900
VWO67,900
CVS67,600
APC67,200
EFA66,600
QCOM66,600
SNAP66,600
HRB66,300
CNQ65,600
PAA65,200
PHM65,200
IEMG64,500
PTEN64,200
TRQ64,100
FOXA63,900
UNP63,200
OAS62,400
MGM61,600
TSN61,300
AZN60,600
UNG59,200
TWO58,700
RRC58,500
CMS58,100
RGC58,100
WFT58,100
XOM58,100
TV57,100
KEY56,700
XLV56,700
FITB56,400
PPL55,700
IWM55,300
PE55,300
FOLD55,200
TWTR55,000
QEP54,800
TXT54,800
BABA54,300
DYN54,300
OCLR54,300
AMAT54,200
SLB54,100
SBUX54,000
RIG53,600
INO53,500
HBAN52,700
GNTX52,600
WRI52,600
LOW52,500
OIH51,200
SJNK51,200
SLM51,100
NBL50,700
BBRY50,500
X50,400
GGB49,400
LQD49,300
UGAZ49,000
FEYE48,900
GLD48,800
SLV48,600
CPRX48,000
LNG47,900
CBAY47,800
CLF47,800
VIAB46,900
FMSA46,800
SFS46,800
IAU46,700
SRCI46,700
TEVA46,000
TMUS45,800
RDC45,400
SU45,400
YPF45,400
CHS45,300
HDS45,300
FE45,200
THC44,800
EOG44,300


DOWNLOAD TOP SYMBOLS

JUNE 2017 HIGHLIGHTS



LeveL ATS executed an average 92.9 million shares a day 43% of average daily volume was executed at the Midpoint 53% of average daily volume was in the Small & MidCap Space LeveL ATS saw an average 4,528 symbols executed daily

NEWSLETTERS

07/06/2017
 
Posted By: Chiara Sarata
July 2017 Newsletter
06/02/2017
 
Posted By: Chiara Sarata
June 2017 Newsletter
05/04/2017
 
Posted By: Chiara Sarata
May 2017 Newsletter
03/06/2017
 
Posted By: Chiara Sarata
March 2017 Newsletter

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