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 21, 2017



80,969,400
Total Matched Volume*
78,101,686
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 21, 2017

VXX670,800
USO655,000
ECA646,600
GE606,600
BAC451,100
VALE446,600
XLF373,200
JNK355,600
MSFT351,800
C349,600
EEM346,100
INTC301,300
AMD276,500
XOP267,700
FCH249,600
GDX227,900
KGC208,800
EBAY207,600
CHK204,100
GLD202,400
PBR201,500
BCAC200,000
AAPL192,300
NOK190,700
SPY190,500
UGAZ189,500
RF186,800
EFA182,600
OAS180,900
CSX180,100
HBAN174,600
HST172,600
ESV171,100
RAI169,800
BRCD166,800
SNAP166,200
MGM164,200
SWN163,700
CPN160,000
KEY158,500
OSPRU154,300
KMI150,100
SIRI142,400
XOM141,400
EGO137,200
F136,800
CCI136,400
ABEV128,500
MS128,400
UNG126,900
EWZ126,800
CTL123,600
NLY121,700
XLI120,900
T117,200
VZ116,800
JPM114,800
LOW114,700
DCTH113,400
CMCSA110,800
AAL108,100
IEMG107,700
STI106,600
PTEN105,700
SYF105,300
FCX102,100
GNTX100,700
WLL100,500
ITUB99,800
MU98,800
PAGP98,800
NKE96,500
PLUG96,500
BHGE95,700
XLP95,500
ETE95,300
HYG92,200
UNP92,000
CSCO91,600
COTY89,600
WBA89,300
WFT88,000
X85,600
WFC85,100
MDT84,800
RLJ84,500
WMB83,800
QCOM83,600
AUY83,400
MTG83,400
TWTR82,700
AMAT82,400
COF82,200
FMSA82,000
WFM80,500
HAL79,800
XLE79,300
AEZS79,200
GGP79,200
SLV78,800
ERIC78,700
NRG78,600
CX78,500
NCR78,000
AKS77,900
JNJ77,500
COVS76,900
CL76,200
HK76,200
BBD76,100
COST75,800
LPI75,800
ZNGA75,400
MRO75,200
TMUS74,700
MET73,400
JNPR72,900
ABT72,800
INFY72,800
ORCL71,100
TECK70,800
ON70,300
UCO69,500
SKX69,400
MXIM69,300
FOXA69,000
DAL68,900
BABA68,100
GRPN68,000
HPE67,700
WPX67,600
SPLS67,100
CLF67,000
GM66,400
VALE.P66,300
MRVL66,200
IYR65,900
SMH65,700
PFF65,600
ATVI64,400
TRQ64,400
SLM64,200
AMLP63,000
XLU62,800
JBLU61,400
NE61,300
SLB60,100
PE59,500
DRYS58,800
OCLR58,700
NUAN58,500
USMV57,900
BSX57,700
PTC56,500
TEAR56,200
DISCA55,500
QQQ55,100
CNHI54,800
RRC54,500
FAST54,300
FITB54,300
RDN54,200
PG54,000
COH53,100
EMB53,100
COT52,800
SPGI52,500
TXN52,500
IWM52,200
FE51,900
ALLY51,700
GXP50,900
CMA50,700
CNX50,100
MRK49,600
SCHO49,200
BBT48,700
RAD48,700
NVAX48,600
RIG48,600
SBUX48,600
GG48,400
GPS48,400
PETQ48,000
KO47,900
SRCI47,600
GGB47,100
RICE47,100
TJX47,000
FXI46,900
PGR46,700
SRC46,000
PFE45,700
DAN44,800
MCD44,700
ABX44,600
RIGL44,600
CAT44,200
DG44,100
V44,100


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