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 29, 2016



102,768,800
Total Matched Volume*
92,430,630
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 29, 2016

KEY1,037,200
FNFG771,800
ABEV649,700
EEM586,000
GDX583,300
EWJ543,100
F514,100
BAC481,300
VXX458,400
RF456,700
GE455,700
VALE453,000
MSFT392,300
POT353,600
PBR.A315,700
MT314,300
SPY312,400
CSCO309,600
USO309,100
WLL300,000
CY298,400
HPE291,300
FTR277,500
MCRB273,800
JNK273,600
CHK271,600
XLU270,600
HIG266,900
EWZ260,600
WFT254,900
T252,500
XLF246,100
FXI234,600
IWM224,000
PBR211,900
KO211,700
RIG209,000
MU193,300
XOM192,800
TVIX192,100
XLE190,400
YHOO188,700
VER185,000
HYG183,000
CPN177,900
XOP172,300
PHM169,800
AAPL163,700
NOV159,300
EFA156,100
TER155,600
SIRI153,700
HST151,900
CX147,400
KMI146,100
IBN145,500
GLD140,700
XLI136,900
GM136,600
FTNT134,500
KR131,900
XRX131,500
MDCA131,200
COG130,900
NWL130,900
OAS129,500
SWN128,600
XLP128,600
ORCL128,400
SID127,700
SLV125,900
INFN124,500
AMD123,300
FUR121,500
DISCA120,700
CDNS118,600
UNG116,500
CLF116,200
EVOK115,400
FCX115,100
PFE114,600
TXN112,000
WDC110,900
MTU110,300
AUY109,400
TAP108,800
SRCL108,600
AA107,100
VZ106,800
ITUB106,300
SRC106,200
VIPS105,900
EMB104,600
BSX103,000
GRPN101,400
MRO101,400
XLK100,800
ATVI98,800
ARIA97,200
SYF94,900
HAL94,800
S93,200
HPQ90,200
PM90,000
DOW89,700
JBLU87,400
RDS.A87,400
NOK86,400
GILD85,300
SFUN85,300
IYR84,000
AMRN83,800
SJNK83,600
EXEL82,700
BBD82,100
UVXY81,700
X81,600
BHI81,200
SYMC81,000
DIS79,500
GG79,500
XBI78,900
ABT78,700
DGAZ78,600
ABX78,100
DXJ76,900
STX76,900
BK76,500
GRUB76,200
ESV76,100
C75,300
TWTR74,600
DNR74,400
QEP74,300
AMX74,100
MS73,700
INFY73,300
WFM72,700
HOG72,300
VEA72,300
AMAT72,100
CAA71,700
FLS71,600
VWO71,300
WFC71,000
FLO70,600
SVU69,400
DAL69,000
FB68,800
GDXJ68,200
GLW67,900
SCHW67,500
RDS.B67,400
COF67,200
WMB67,200
RSX66,800
AKAM66,600
SPLS66,500
EGO66,000
UWTI65,800
PG65,600
QQQ65,100
FLEX64,900
EBAY64,800
MAS64,800
INTC64,500
AGG64,200
PFF63,300
WPX62,500
NBR61,500
JCP61,300
DB61,100
MGM60,900
CVX60,500
IAU60,200
GPS59,900
IAG59,600
HEFA59,500
DUST58,900
IEF58,400
HL58,300
MRK57,600
TLND57,100
IEMG57,000
TRN57,000
DRI56,900
CIT56,800
CMCSA56,800
SEE56,800
EWW56,100
STNG55,900
V55,900
CBS55,700
BIDU55,600
TLT55,000
AXTA54,900
AZN54,900
NVDA54,800
SLB54,800
CSAL54,300


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