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 30, 2016



102,682,000
Total Matched Volume*
98,763,280
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 30, 2016

BAC1,788,500
XLF973,200
CHK832,000
EEM632,000
WFT510,800
CTSH489,700
COTY488,400
SPY486,000
DB368,000
VXX355,800
GE336,600
COTY#323,400
UVXY317,800
USO313,600
WLL297,600
QCOM292,000
GDX288,200
EWJ282,400
FTR282,000
PG282,000
WFC281,900
JNK277,600
AMD259,700
SDRL248,900
EFA247,500
XLP246,100
HST240,900
IWM231,200
ECA231,100
JPM230,600
C227,800
INTC219,900
BBD204,900
KEY204,600
CSCO202,800
GLD199,900
FCX196,900
VIAB194,600
NOK190,500
ITUB183,300
NXPI181,900
NTNX178,800
VWO178,700
CPN176,600
XOP174,600
AA170,600
MT168,300
XLU166,400
MS166,000
PFE159,800
FXI152,700
MU148,200
AAPL144,100
XLE143,200
PM142,700
F142,400
MRO140,800
PTEN140,300
SIRI138,700
SLV138,100
IEMG138,000
HPE136,900
T134,600
VIP133,700
IRT125,800
SYMC122,600
S120,000
CX119,700
VNQ116,900
PYPL116,800
MRVL115,800
PBR115,200
RF114,800
TCK114,500
IYR114,300
QQQ113,400
ESV112,600
EBAY111,900
MRK111,400
MSFT108,900
EWZ107,900
NOV105,900
HBAN105,400
NVAX104,800
RAD104,800
UNG104,800
BABA103,600
WPX101,700
DIS101,200
HAL100,000
THLD99,300
HYG98,700
AMAT96,800
DGAZ96,500
IBN94,200
VLO94,000
VER93,700
BSX93,500
JCP93,300
KMI92,600
TXMD92,500
GM90,700
VALE89,500
FITB89,300
HES89,300
XLI88,000
LYG87,800
XIV87,800
LQD87,600
RRC86,700
DO86,600
SYRG85,700
ETFC85,400
BMY85,300
CNO85,100
UWTI83,800
ARIA83,600
AIG83,300
PEG81,300
CIG80,900
NUGT80,300
SBUX79,200
KR78,700
V77,400
ABBV77,100
SO76,000
OIH75,700
NKE75,600
KO75,400
XOM75,400
BRCD74,500
NLY74,500
CBS72,500
SWN72,400
ORCL72,000
OAS71,800
RDC71,500
HPQ71,300
WMT71,000
LOW70,900
CXW70,300
TEVA69,000
BRFS68,900
ABX67,900
INFY66,700
CCL66,200
SFUN66,000
ENDP65,900
AUPH65,400
TWTR65,000
ON64,900
PBR.A64,900
RIG64,900
GPK64,300
ACN64,100
ACOR64,000
XRX63,900
FOXA63,700
DYN63,600
MENT63,300
NBR63,000
KGC62,500
CUZ62,100
VIXY61,200
GPT60,800
EWG60,700
CSX60,600
MDR60,300
CVX59,800
MPC58,600
IAG58,400
ABEV57,900
CY57,900
GLW57,400
MDLZ56,900
TLT56,800
CNP56,600
NE56,600
DDD56,100
JBLU56,000
RAX55,900
CELG55,800
GT55,700
LRCX55,700
YHOO55,200
TVIX55,000
GIII54,400
XLV54,300
HIG54,100
FCAU54,000
UMC54,000
VZ53,800
ZNGA53,800
XBI53,400
QEP53,200
TDTF53,200
BHI53,100
JCI52,800
VOD52,400
X51,900


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