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
December 09, 2016



107,039,800
Total Matched Volume*
117,135,686
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
December 09, 2016

BAC1,484,700
IDXG687,400
XLF673,100
EEM618,800
TTI595,700
SWC544,500
FOXA520,700
DGAZ444,100
RAD437,100
ITUB425,400
NE376,600
F363,200
GE358,300
HBAN345,400
PFE345,400
XLP342,000
SPY334,700
GDX308,400
ESV299,900
CSCO292,000
WFT287,400
SIRI280,100
USO279,000
FCAU275,200
GM272,200
VXX265,100
FCX256,100
MTG252,400
XRT244,200
VALE237,800
KO231,100
EFA225,000
RIG214,700
HLT210,100
HBI209,900
DYN206,800
CHK198,700
PBR197,300
FXI193,500
XLU189,200
SDRL182,000
RF181,600
GGB181,400
ODP179,800
JNUG176,600
NUGT175,000
SCON174,500
WFC174,100
SLV168,300
FTR165,500
TEVA165,100
IWM163,900
UNG162,500
AMD160,400
PBF155,800
S155,200
HST154,000
INTC153,700
IEMG152,600
FOX152,100
GLW149,800
BBD147,500
HD146,600
ATVI146,100
GLD143,000
TLT142,000
MSFT140,800
HL137,900
UVXY137,400
MS134,700
KMI134,300
VLY132,900
ORCL132,600
ON131,900
SYF131,500
AAPL131,200
T130,600
CMCSA129,500
VZ128,900
CX127,200
NOK125,700
EBAY123,200
COG121,800
LVS117,800
XRX117,800
KEY115,800
EXC112,700
CNQ112,500
ZNGA110,600
ALLY110,300
BKLN109,600
USB108,700
HPQ107,000
EWZ106,800
FLO106,800
AIG106,000
C105,300
IAU105,300
JCP105,200
XOP103,400
JPM102,800
EMB100,200
BRCD100,100
SWFT96,800
HOV96,200
WPX95,900
MKC95,600
MGM95,300
ABEV95,200
SPLS95,100
SYMC94,000
HPE93,800
RH92,400
TWTR91,700
WLL91,000
HCP90,000
MDLZ90,000
MU89,900
NRG89,400
VNQ88,000
AMLP87,500
KR86,100
AMT86,000
LBTYK86,000
MRK85,700
SBGL85,200
VWO85,000
VEA84,900
AEO84,000
ABT83,900
DDR83,600
FITB83,300
JNK82,900
IBN82,100
CBS80,900
CIG80,600
ESRX80,000
NI79,000
AAL78,700
BIIB78,700
LQD77,700
INFY76,600
JCI75,700
DOW75,400
BSX74,500
IP74,300
FNSR73,900
LOW73,000
MT73,000
HYG72,600
ATH72,200
MOS72,100
ABX71,700
JONE71,700
TWX71,600
WMT71,600
AES70,900
TECK70,800
SRC70,300
JBLU70,200
TSN69,800
BX69,700
EWG69,000
XLK68,600
SSH68,500
XLV68,000
DB66,800
AMH66,700
DXJ66,400
MO65,700
RSX65,600
AMAT64,600
AKS64,500
PG64,100
MDR64,000
WMB63,800
XLI63,700
BK63,400
DIS63,300
MBLY62,800
MRO62,000
KGC60,800
OHI60,800
NOV60,500
POT58,600
GRPN56,700
HES56,300
NLSN56,300
XLE56,300
UAL56,100
HZNP56,000
GDXJ55,400
ABC55,300
SSNC55,100
MYL55,000
DAL54,800
TVIX54,800
RDN54,600
TXN54,600
DISCA54,400


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