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
March 21, 2017



115,278,400
Total Matched Volume*
94,741,627
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
March 21, 2017

XLF1,977,100
BAC1,613,600
VXX1,565,700
SPY1,030,400
F1,004,700
EEM660,600
VALE613,300
UNG578,300
JNUG570,300
GDX493,500
ABEV486,000
AMD406,200
JPM382,100
UVXY378,500
CHK373,000
C355,600
INTC294,000
EFA293,100
ORCL285,500
QQQ284,500
XLV281,800
IWM265,300
RIG265,000
XLU264,900
EZU264,400
BBD263,700
ITUB262,900
KRE260,400
MT258,000
GM257,900
PFE247,800
GE241,300
WFT239,000
XME237,900
FTR227,200
ALLY226,000
IEMG219,400
SIRI219,400
HYG215,000
PBR213,100
USO213,000
NOK210,600
FCX204,400
FXI198,000
CLF192,200
RAD191,400
HBAN189,700
WFC186,300
VZ181,200
VWO177,400
BK177,300
OAS177,100
RSX176,000
JNK174,300
CMCSA173,900
T171,500
MS169,400
GGB167,000
CX159,800
VIP158,800
KMI157,600
QCOM156,200
MU154,900
HPE151,900
CSX151,100
KATE150,700
VLY149,000
XRT148,600
XRX148,600
XOP144,900
KEY141,700
KO140,100
IBN139,800
CSCO136,500
ATVI136,100
VALE.P134,300
GLD126,800
VRX126,600
TLT124,800
EWZ124,500
MAT123,400
PSX121,500
MRVL119,600
XLE118,700
XIV118,300
MSFT117,500
SWN117,000
WMB116,500
WLL116,400
SAN115,100
USB114,300
BAX113,000
XLP111,500
KGC111,400
NE111,100
FITB108,100
XOM107,500
OCLR106,500
FCAU105,300
AIG104,100
EMB102,100
LYG101,800
CPN100,700
OIH99,000
TTM98,800
CY98,200
CENX97,400
FOXA94,600
RF93,100
M91,900
PBR.A91,900
SLV91,800
SYMC91,000
MRK90,900
DB88,900
BKLN87,500
LC87,500
KOS87,200
NUGT87,200
NKE86,500
CUZ86,100
TWTR85,500
MRO85,100
CVE84,700
EWG84,700
ABX84,300
ESV83,300
XLI82,900
JCP82,600
SGYP82,400
JCI81,900
TWO81,700
SLW81,000
ESPR80,700
TSM80,200
AKS80,000
GST79,400
NLY78,700
AAPL77,800
BRCD77,400
CIG77,400
KR77,000
HAL76,200
PM76,200
CPE76,100
KKR75,800
MGM74,500
SYF74,300
FAZ74,100
GPOR74,000
FB73,900
BBY73,500
ARMK73,300
AES71,500
WPG71,200
GDXJ71,100
FMSA70,800
RAI70,500
PTIE69,900
CAR69,700
MBLY69,200
NYCB69,100
GPS68,600
GRPN68,600
JD68,600
PG68,100
ETE66,900
HPQ66,700
DRYS66,400
GG66,300
SMH66,300
FIT66,100
CTRP66,000
MBI65,900
BSV65,400
EPD65,400
ARNA65,200
XBI64,700
BMY64,600
ARRY64,300
AR64,200
MBT63,200
WU62,900
HRB62,800
PGR61,200
FNSR60,400
UCO59,900
GSAT59,700
HIMX58,200
AAL58,100
MAS57,800
VEA57,800
COMM57,200
PULM57,000
DDR56,800
DOW56,400
AMX56,300
KBH56,200
ASNA55,700
EGO55,600


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