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 22, 2016



76,843,000
Total Matched Volume*
91,935,613
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 22, 2016

AMD573,500
GE505,800
VXX470,600
EEM465,200
PYPL355,900
KMI324,200
CHK304,700
LC303,800
F300,000
USO296,100
FCX276,600
POT268,700
INTC265,400
MSFT250,300
CSCO246,000
GDX244,600
SBUX244,300
BAC227,900
HST216,100
S212,100
RIG202,400
EWZ199,700
MRVL194,800
ABEV192,700
SPY189,100
UNG183,200
EBAY181,000
SKX176,300
RF174,300
SWN170,300
OLN168,400
T167,100
MRO165,500
P159,100
XLF151,800
BA141,000
EFA137,200
CIG135,800
HPE134,800
IPG127,700
GLD127,400
UVXY127,200
VALE126,800
AZN125,200
DHI125,200
XLU122,600
WFC119,000
LUV117,900
GUNR116,500
XOP114,200
EMB114,100
C111,800
DFT111,500
GRUB109,900
FLEX109,500
SWFT109,300
OAS106,200
COF105,200
FOXA104,900
GEL102,300
RLYP99,100
SLB98,100
MS97,600
MTG97,500
QCOM97,300
ITUB96,700
HIMX96,300
KO93,400
CTRP93,100
AKS92,700
CBS92,700
XLI91,100
HYG90,700
NE90,500
IWM90,300
SYF90,200
OII90,000
PFE89,600
JCP88,600
FNB88,000
DAL85,600
NOK85,000
XIV85,000
DGAZ84,400
FMSA84,400
JOY84,200
MU82,400
FXI81,600
SBS81,300
VZ81,200
UWTI80,800
ABX79,400
XLE79,400
CFG78,800
WFT77,700
SPXU77,100
NKE76,900
IAG76,300
ABT75,300
PBCT75,300
CUBE74,300
GNTX74,000
AAL73,900
NOV73,900
HUM73,500
XLP72,600
AAPL72,500
SCHW72,000
VWO70,900
DXJ70,300
HON69,900
TRN69,900
PBR69,400
KKR68,900
GM68,800
SYMC68,200
NTAP67,900
IYR67,300
JPM67,300
ZFGN67,200
FB66,800
SIRI65,600
ORCL65,300
CVX64,600
EWJ64,400
MT64,400
QEP63,700
NRZ63,300
YHOO63,300
SFUN63,000
AXLL61,800
XLV61,500
NVAX61,100
SWKS60,500
HYD60,000
VOD59,400
NEM58,900
DE58,100
SRAQU57,900
TWTR57,500
RAD57,300
FTR57,100
HAL57,100
EWG55,500
WLL55,100
MET54,600
KEY54,400
SLV53,000
PHM52,900
CNP52,400
BSX52,200
FTI52,200
EMC52,000
HAWK51,400
MAS51,400
EOG51,200
INFY51,100
WPX50,900
BBD50,800
EA50,800
ETFC50,800
AMX50,600
GBR50,600
UCO50,200
ECA50,000
ESV50,000
AMLP49,600
XL49,400
MCF49,300
CIE49,200
PG49,200
HLT49,100
JD49,100
DRH47,800
XLK47,400
COG47,300
DDD47,200
HBAN47,000
AUY46,200
COP45,900
PFPT45,400
WM45,400
ARIA45,200
DVN45,200
JBLU44,500
WMT44,500
SYK44,200
FNFG43,400
RTN43,100
FOX42,600
X42,600
TSM42,500
GGB42,200
RDS.B42,100
AGR42,000
EWT42,000
LQD41,900
JNK41,700
VLO41,700
MDT41,500


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