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: No. LeveL ATS does not send or receive IOIs. 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. 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. Q18: HOW DOES CANCEL-REPLACE AFFECT MY ORDERS PRIORITY? A18: 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. Q19: DOES LEVEL ATS SUPPORT ODD LOTS OR MIXED LOTS? A19: 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. Q20: DOES LEVEL ATS SUPPORT MIN QTY? A20: 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 for more details Helpdesk@LeveLATS.com or 800-958-4813. Q21: HOW ARE ORDERS HANDLED IN A LOCKED MARKET? A21: 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. Q22: HOW DOES LEVEL ATS DETERMINE PRICE IMPROVEMENT A22: LeveL ATS was designed to split price improvement equally between both sides of an execution. 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 orders 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

TRADING STATISTICS
August 28, 2015



121,865,200
Total Matched Volume*
97,104,500
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
August 28, 2015

UWTI1,375,800
FCX1,010,800
ATVI911,600
AEZS889,600
SPY849,500
BBD722,800
VWO721,200
ODP694,800
USO647,700
VALE.P584,800
JNK564,100
PBR513,100
BAC471,600
ITUB445,800
VXX423,500
AA422,600
INTC414,800
BTU414,500
EWJ392,000
GDX389,300
ARIA357,300
HAL339,800
EEM334,800
CHK320,000
UAL315,200
HYG314,800
IWM312,800
XOP310,100
XLE307,900
WFT304,100
JCP302,100
FXI299,800
ORCL298,500
SWN297,200
PFE279,300
XLF276,900
AAPL276,600
VALE259,900
OIH255,400
MRO254,000
EWT253,800
CAT237,000
AMAT225,200
C218,700
XIV206,700
HST206,400
RF203,700
MU203,200
SUNE198,300
XRX197,500
EMC192,600
PBR.A189,800
DVN188,700
FTR181,400
DNR179,300
ABEV179,100
RIG177,300
GE172,900
WFC171,400
FOXA169,800
CX168,700
RSX167,600
EWZ167,400
TXN165,600
MSFT164,600
WLL164,500
EBAY159,700
TSM159,200
SDRL158,900
KO155,900
HPQ154,300
BBG146,300
MS146,300
TCK144,800
PYPL142,100
SPXU142,000
XOM141,600
ATML138,200
SPLK137,700
CVX136,500
CIE135,000
WPX134,100
EFA128,900
WMT126,800
NBR124,100
GLW117,900
HP117,100
ABX115,700
OAS115,400
MHR115,300
IR115,200
XLV114,600
FB112,500
GM112,000
ABT111,000
EWU110,700
SCHW109,500
QQQ109,200
COP108,500
KMI107,600
AVP106,900
AU106,500
ECA106,400
X106,100
LC105,300
GDXJ104,900
VIP104,400
CSX102,900
CPN101,100
XLU99,300
NUGT98,700
GIS98,100
SH97,800
QCOM96,300
SIRI96,200
UGAZ95,800
EWI95,500
SLB95,400
S94,900
AGG94,700
NE94,400
POM93,300
MT91,800
NBL88,200
DAL87,900
GLD87,600
GG87,500
IYR86,900
CLR86,200
XLY84,900
MDLZ84,600
SU84,400
AMLP84,000
MCD83,600
DOW83,500
CSCO83,200
RRC82,700
SE82,500
UPRO82,000
AEO81,600
MYL80,900
VMEM80,900
JPM80,000
EXC79,900
CBS78,600
GME78,500
MRD78,000
JNJ76,800
NFX76,400
WETF76,200
MRVL74,800
VEA74,300
BABA74,100
DHI73,800
PCY73,800
KR73,400
UCO73,400
KEY72,700
BIDU71,700
EOG71,500
VER71,500
BXLT70,600
SPF70,400
BRCM70,300
BSBR70,300
VIPS70,300
T70,200
VEEV69,900
RAD69,600
JD69,100
VIAB69,000
LQD67,900
PLL66,600
HD66,400
BIL66,300
PRAA65,900
F65,400
EPI65,200
HEDJ65,100
SD65,100
EPE64,900
HILL63,500
SMH63,400
CJES62,700
UA62,400
BP62,200
BSX61,900
CF61,700
XLP61,700
CIG61,100
NLY61,000
OII61,000
JNPR60,400
TWTR59,900
MON59,400
SLM59,100
LLY58,800
DXJ56,700
ADSK56,500
ETE56,100


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