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 22, 2017



81,935,600
Total Matched Volume*
93,373,253
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 22, 2017

CSCO728,200
XLF643,400
INTC553,500
BAC480,300
NOK473,600
VALE467,200
GE428,800
F361,600
CCC321,100
AMD319,300
WFC292,700
IAU277,500
UGAZ254,900
GDX253,800
RF237,100
EEM234,500
CMCSA220,200
ESV217,500
SPY210,400
HPE208,000
VZ206,700
IWM200,900
TXN198,000
EFX193,200
VSAR184,700
CX180,600
VXX178,600
ATW178,100
XLE177,200
PBR.A167,100
MU165,600
SBUX160,000
USO155,700
UUP146,900
AKS144,800
BP143,700
T142,000
IAG140,400
ORCL132,400
MDLZ132,000
GILD131,800
JNK129,300
ABEV129,000
FXI128,900
KR128,800
IBN122,900
WFT119,400
LB118,500
BBRY117,500
PG116,200
SNAP114,000
AAPL109,400
BBD108,400
ASND107,200
TMUS107,200
CHK106,500
QQQ106,200
JBLU105,700
SLB105,700
PFE105,600
X105,200
UPL101,900
TECK101,800
S97,800
GEVO97,400
ISBC96,700
PBR95,200
SWN95,000
UNG93,600
ABX92,300
SRC91,600
IYR90,700
VNQ90,600
XOM90,400
FL89,700
MDXG88,800
CHS88,300
FDC87,400
RAD86,000
NKE85,600
HYG85,300
FB84,700
DVN83,800
HST83,600
SBH83,500
XME82,800
GPOR80,800
CTL80,400
SYF79,100
MAT78,500
ATVI77,300
CLF75,500
CPN75,400
M75,000
PE74,800
GLD74,700
IPG74,700
KBH74,700
UNIT74,600
DVA74,500
SDRL74,100
BBBY73,300
HAL73,000
FMSA72,900
CAB72,400
NRG72,200
HPQ71,700
CZR71,600
FCAU71,400
HOLX70,700
KEY70,500
SECO70,500
XLU69,000
ODP68,800
ITUB68,400
VEON67,100
RIG65,800
HIMX65,400
CSJ65,300
MYL64,900
GPS64,200
TEVA64,100
HES64,000
FITB63,800
LUV63,700
AABA63,500
SMH62,900
OPK62,000
SYMC61,800
TWX61,400
ABBV61,100
XEL60,900
GM60,700
MRO60,300
EWZ60,200
EXEL59,400
MOH59,400
JCP58,800
SKX58,200
CSX57,000
ICPT57,000
NLY56,800
NWL56,400
FCX56,200
ECA55,900
ALLY55,300
IP55,100
LYG54,500
SHOR54,400
KSS53,900
VIV53,900
C53,800
HBAN53,100
COG53,000
CVE53,000
VIPS52,700
CVS52,500
JD52,300
BABA52,000
HDSN51,900
KO51,900
PHM51,800
CVX51,400
EBAY51,100
XLP51,100
BSMX50,400
TPRE50,000
IEMG49,900
MUX49,500
COTY49,300
P49,300
CPE49,200
CRZO49,100
BAX48,300
COP48,300
MRK48,300
AIG48,100
KKR48,100
RDS.B47,900
KMI47,700
WU47,400
USB46,600
ERIC46,500
ABT46,300
BUFF46,200
STNG45,900
SCI45,500
FSLR45,400
DAL45,300
BRCD45,200
LBTYK44,800
IR44,300
RRC44,300
TLT44,300
AMLP44,200
GPK44,100
RDS.A44,100
ACM43,700
NGD43,300
SO43,100


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