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
January 19, 2017



85,652,800
Total Matched Volume*
89,430,650
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
January 19, 2017

CSX1,267,300
EEM503,100
XLF490,500
GDX468,900
VXX388,400
AMD378,000
BAC376,600
C373,700
USO347,800
CHK347,100
WFC346,000
ITUB328,700
JNUG316,800
GE309,700
PFE283,300
DGAZ280,900
DRYS277,200
XLP274,000
ECA262,900
F245,700
IWM239,400
EWZ232,700
WFT225,800
SPY219,600
MU210,000
S203,600
CSCO203,200
MSFT198,200
VZ194,200
ORCL187,300
KO185,000
HPQ183,200
HAL180,300
TLT177,300
RAI177,000
UNG175,200
NOK174,100
RCII162,600
KEY157,300
VALE156,800
IBN153,700
ARIA150,200
EFA149,400
LYG148,600
OCLR148,400
CX146,200
TVIX145,900
XRX140,700
FOXA140,500
SIRI139,900
PG139,300
JCP135,900
SWN135,600
KMI134,800
HYG134,600
FXI134,200
FTR134,000
RAD132,800
XOM131,400
WU120,900
SLV120,800
EBAY120,700
IYR112,900
HST112,500
GLD111,800
ABEV111,500
HBAN108,700
INVN105,700
M105,000
AMAT104,100
TMUS103,500
VWO103,400
ABT103,200
XLU103,100
SYY102,800
ALLY101,500
VALE.P101,100
XLI100,300
MS99,100
NRG96,800
PBR.A94,700
XRT90,900
AEP90,200
XLE89,100
NUGT88,800
SYRG88,200
VNOM88,100
KATE87,300
VIAB87,300
PDS86,900
TSM86,600
PM84,700
ATVI84,300
WLL82,900
MRK82,600
UVXY82,400
T82,000
XOP78,600
BKD77,900
INTC77,600
GNW77,200
CCJ76,400
TV76,300
BBD75,900
PFF75,300
USB74,900
EMB74,400
IMMU74,400
IPG74,400
RSX74,000
ABX73,600
GILD73,500
APFH72,800
INFY71,900
AET71,700
CHD71,400
LBTYK71,400
VER71,300
GDXJ71,000
KRE70,900
SCHW70,100
FCX68,800
BSX68,600
AEO67,400
SYMC67,200
COTY66,700
JPM66,700
AA66,400
BK66,100
MT65,900
CMCSA64,100
TWTR63,400
ASNA63,300
AXP62,800
ON62,800
GPK62,600
GTE60,400
MNK59,700
SLB58,800
BBT57,000
ESV56,400
NSC56,300
ARMK56,200
FITB55,600
PBR54,600
QCOM53,200
IEMG53,000
JNK52,900
DOW52,600
BSMX52,300
KGC52,200
AMX52,100
NBR52,100
IEF51,900
MO51,400
XLV51,200
CIG50,800
WEN50,300
P49,600
UUP49,600
NFLX49,400
RF49,400
IAU49,200
TWX49,000
XLK49,000
CHKP48,600
TDOC48,600
EMR48,400
FTI48,300
VEA48,300
EWW48,000
FBR48,000
GGB47,700
GM47,600
RIG47,500
CP47,400
LQD47,400
LOW47,200
WMB47,100
CENX47,000
NXTM47,000
TCB47,000
GFI46,700
GRPN46,700
ZTS46,400
EWJ46,200
UNP46,200
BRCD46,100
ABBV45,900
IVZ45,700
EQR45,600
CBS45,200
XIV45,000
CI44,900
EWC44,900
AAPL44,600
CCE44,600
TEVA44,500
BLMN44,300
GGP44,200


DOWNLOAD TOP SYMBOLS

NEWSLETTERS

01/06/2017
 
Posted By: Chiara Sarata
January 2017 Newsletter
12/05/2016
 
Posted By: Chiara Sarata
December 2016 Newsletter
11/08/2016
 
Posted By: Chiara Sarata
November 2016 Newsletter
10/06/2016
 
Posted By: Chiara Sarata
October 2016 Newsletter

Member FINRA and SIPC
© LeveL ATS. All Rights Reserved