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
April 28, 2017



88,107,800
Total Matched Volume*
87,046,579
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
April 28, 2017

F717,300
VXX693,200
XLF579,200
EEM514,500
SIRI500,900
BCEI490,400
MSFT443,000
FTR438,600
BAC434,700
GDX433,600
SYF399,500
SBUX364,100
HST360,400
NOK335,400
USO315,700
AMD304,800
GE301,000
SPY293,200
INTC290,700
OCLR289,900
SWN266,200
SRC264,800
ABEV229,100
WFT226,100
PBR214,200
BBD211,900
HPQ211,700
T210,000
MU203,300
CHK201,200
JNUG184,100
QCOM182,500
WFC182,200
CIE182,100
MRVL164,600
OCN164,100
CSCO149,500
VALE148,100
VZ146,700
HBAN145,000
CVNA141,900
NEM140,400
NUGT137,200
ECA136,800
ABX136,400
STAY135,700
CLF135,600
IWM135,400
CPN130,700
ATHN129,800
KO126,300
AUY124,700
HYG123,100
EFA121,600
EWZ121,600
XRX117,200
CY113,100
ITUB112,700
BMY111,700
CMCSA111,300
JNK110,900
JPM110,700
XLK107,600
SLV105,800
FE103,200
FMSA99,400
TRXC99,200
SFR98,400
CVS98,300
OIL94,700
LYG94,600
DDR91,900
RAD91,900
JNPR91,300
RF91,100
WPX90,800
GM87,000
GLD86,100
ALLY85,800
SGDJ85,800
TWNK85,500
BX84,700
S83,400
PG82,700
XLV81,700
CYTR81,600
IAU81,500
HPE80,600
IYR80,500
XLY80,400
CLDR80,300
WLL79,500
SU79,400
ESV79,000
USB78,200
RSX77,600
AXP77,100
KGC75,300
VEA75,200
UNG75,000
RIG74,600
AMLP74,400
MS73,500
XOP72,500
KEY71,200
SFM71,000
TWTR70,300
PFE70,200
VNCE70,100
CCJ68,600
PYPL68,400
FB68,200
GOVT67,500
ORCL66,800
BDX66,700
AAL66,300
FCX66,100
RRC66,000
UVXY65,400
BBT65,100
X64,700
BSX64,500
TXN64,400
LQD64,100
FCEL63,400
MHK62,800
AVT62,700
CL62,600
EXAS62,200
IEMG62,200
JCP61,300
WDC60,700
GGP60,400
KRE60,200
COG59,800
KR59,600
NBR59,400
HAL59,100
YNDX59,100
DRE59,000
KMI59,000
EBAY58,900
HCP58,900
XLI58,500
CNHI58,000
NLY57,900
OAS57,700
MRO57,400
ON57,300
MRK57,000
GRUB56,900
QQQ56,500
HON56,000
MPW55,100
GDXJ54,900
SAN54,600
AMTD54,500
SHO54,000
SJNK53,700
AAPL53,400
VRX53,400
KBR53,300
NGD52,900
UAA52,600
VWO52,600
FITB52,400
SLB52,300
CTL51,400
NLSN51,400
XRT51,300
MWA50,800
SWC50,600
WMB50,500
HUN50,400
CZR50,200
SNAP50,200
ADI50,100
TER49,900
FLEX49,800
GPN49,700
CS49,600
WPG49,600
MBI49,500
AMX49,400
AU49,400
COP49,300
EWJ49,300
CBL49,200
ARNC48,900
RCL48,900
TEVA48,900
XLE48,700
NRG48,500
DHR48,400
GG48,400
CUZ48,100
SNCR48,100
PH47,400
EEX47,000
THC46,800


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