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: DOES LEVEL ATS UTILIZE INDICATIONS OF INTEREST (IOI) IN ANY WAY? A4: Orders marked as Conditional are eligible to submit IOIs to participating contra orders within the LeveL ATS pool.

Regular Firm Orders set, at either the session level or order level, as No Conditional IOI, will be prevented from initiating an IOI Firm-Up Invitation with Conditional Orders.
Q5: WHERE IS THE LEVEL ATS MATCHING ENGINE LOCATED? A5: 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. Q6: CAN I CO-LOCATE WITH LEVEL ATS? A6: No. LeveL ATS does not offer the ability to co-locate with the matching engine. Q7: WHAT IS LEVEL ATS' MARKET PARTICIPANT ID (MPID)? A7: The MPID for LeveL ATS is EBXL. Q8: WHAT IS LEVEL ATS' MIC CODE? A8: The MIC CODE for LeveL ATS is LEVL. Q9: WHAT ARE THE HOURS OF OPERATION FOR LEVEL ATS? A9: 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)
Q10: HOW DO I ENTER AN ORDER ON LEVEL ATS? A10: LeveL ATS supports order entry via FIX 4.2. Q11: WHAT SECURITIES DOES LEVEL TRADE? A11: LeveL ATS trades US Equity NMS securities that are listed to trade in 100 share lots. Q12: WHERE DOES LEVEL ATS GET ITS MARKET DATA? A12: LeveL ATS sources market data from exchange SIP feeds, delivered from the Thesys Technologies, LLC ticker plant solution. Q13: DOES LEVEL ATS EXECUTE OUTSIDE THE NBBO? A13: No. LeveL ATS is designed to execute at or within the known NBBO at the time of the execution. Q14: WHERE DOES LEVEL ATS PRINT ITS TRADES? A14: LeveL ATS executions are printed to the FINRA/NASDAQ TRF. Q15: HOW DOES LEVEL ATS DETERMINE A SYMBOL AS “OPEN"? A15: 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. Q16: WHAT IS THE PRIORITY MODEL FOR ORDER MATCHING? A16: LeveL ATS is designed to match all orders based on Price/Time priority logic, barring additional execution instructions. Q17: WHAT ORDER TYPES DOES LEVEL ATS SUPPORT? A17: LeveL ATS Supports Resting and IOC (Immediate or Cancel) Market, Limit, and Peg order types, as well as 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, an invitation is sent to the originating participant, inviting him to send a Firm Non-Conditional Order in response (ie., an additional request/response is required for an execution to take place).

  • 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 execution.
  • All Participants are allowed to place Conditional Orders.
  • All fills on Conditional Orders will 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. LeveL ATS offers both aggregation and non-aggregation options for MinQty. MinQty instructions are defined by the user on an order-by-order basis. 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 for Regular Firm Orders. Where two orders are eligible to match at multiple price levels, LeveL ATS will seek to match the orders 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.

TRADING STATISTICS
May 27, 2016



77,031,200
Total Matched Volume*
90,887,340
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
May 27, 2016

BXLT1,355,600
EEM722,600
ABEV569,300
AA531,900
PBR458,700
BAC416,400
GDX410,000
GE409,500
IAU389,700
KGC349,800
XLF334,900
PBR.A305,100
XLU290,500
AMAT285,300
MU266,300
SIRI265,600
SPY259,800
GGB258,200
HPQ254,000
BRCD248,200
VXX246,100
VALE235,000
WFC198,300
GG191,800
USO188,600
LC186,100
NBR181,700
RAD178,600
GLW176,000
TWTR171,300
NOK171,000
EWZ170,300
VALE.P170,300
JD170,000
GLD167,600
BBD161,800
AAPL160,200
KEY159,100
KMI154,000
TEX151,900
FCX148,600
IWM148,400
ITUB140,800
ABX138,400
HPE137,200
UNG136,400
TSM134,800
YHOO134,200
VZ125,800
MT125,500
XLV125,000
C123,400
JNK121,300
STKL119,400
EGO118,300
IBN117,200
EFA116,300
XLB114,900
SYMC110,700
CHK108,500
FITB108,100
SPLS107,800
F107,400
GDXJ106,300
ESV105,000
FNFG101,200
CSCO101,100
CIE100,600
AMD99,600
MRD98,900
WLL98,800
X98,400
FXI97,900
PFE97,700
MSFT96,900
SYRG96,500
VEEV91,500
RLYP90,900
BABA90,500
CCE87,300
ODP87,100
ACC86,700
ABT85,400
IEMG85,400
T83,100
ORCL82,500
JCP81,800
ATVI81,500
FEIC81,400
M80,400
RF80,300
MON80,000
TLT77,400
MRO76,600
LGF76,300
GILD76,200
VRX75,100
MRK74,400
WFT74,300
XLP73,500
S72,900
EBAY72,400
AXTA72,100
VIPS72,100
ENDP71,800
MS71,200
PANW68,900
EWT67,200
HES67,200
TWX65,100
VOD64,200
NGD63,700
HBAN63,600
NLY63,100
MIN62,500
MDLZ60,300
CRC60,200
SLV60,100
NKE59,200
IRM58,900
CMCSA58,700
GME57,800
TVIX57,600
UVXY57,200
INTC57,100
WFM57,000
FANG56,600
WMB56,400
OLN55,900
BBY55,500
ETE55,300
XLK55,300
IYR54,700
VMEM54,300
CLF54,200
BIDU53,900
EMC53,800
BAX53,600
VER53,500
WDC53,000
XME53,000
UA.C52,300
SLM52,200
XLI52,200
DBC51,000
HUN51,000
JPM50,800
KO50,600
SHPG50,500
NEM50,400
GGP50,100
IONS49,900
KEG49,900
SIG49,900
RIG49,700
VWO49,200
TMH48,200
CA47,600
ECA47,100
BK46,900
UTX46,800
FHN46,600
PWR46,200
TTNP46,200
CSX45,800
ALR45,500
CDK45,100
AEO44,900
JCI44,700
FB44,100
AMX43,600
NRG43,600
OAS43,300
LPI43,200
GM43,000
SCHW42,600
AMH42,000
PAGP41,200
AZN40,900
FLO40,900
EWJ40,800
MDT40,700
PSTG40,500
IPG40,100
SU40,100
TCK40,100
USFD40,100
BND39,900
DNR39,700
CVS39,600
INDA39,300
JBL39,300
AMLP39,100
DXJ39,100
CIEN39,000
FDML38,700
IILG38,400
VEA38,300
MBT38,200
SHO38,200


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