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
March 28, 2017



91,601,400
Total Matched Volume*
92,650,550
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
March 28, 2017

XLF1,417,200
BAC981,300
VXX902,000
EEM604,700
BRCD456,100
GDX415,100
F410,300
SPY387,500
EFA360,900
T326,500
GM322,200
SIRI317,500
USO292,600
VALE.P279,300
JNUG271,700
XOP259,100
GG244,800
FTR239,500
VALE238,800
ADM224,500
CHK199,900
INTC197,000
IWM196,100
CSCO192,400
WMB191,700
RAD186,900
WFT179,800
GGP176,800
CMCSA175,900
SNAP174,900
EWZ172,800
MRK167,900
ATVI166,700
VWO162,300
PFE159,600
FCX157,100
PBR148,000
DVN146,600
JNK145,500
XLE142,300
ECA141,300
XLV140,300
CLF139,400
SLV138,200
QQQ137,800
AMD137,300
HYG136,700
AAPL135,800
BBD135,200
NOK134,400
HST133,900
BKLN131,500
CY129,800
PTEN129,300
MSFT128,100
MPC126,400
UVXY125,400
GE124,700
JPM124,500
DCTH121,800
KGC118,800
SCHW118,100
LUV118,000
ESV116,200
SDRL113,100
MU111,900
ORCL111,100
MGM110,700
V110,300
WU109,400
STOR109,000
XOM106,600
NUGT106,500
PAYX105,900
DOW104,900
UNH103,900
DB^103,500
ITUB99,400
BSBR98,500
GDXJ98,300
BSMX98,100
MRO98,000
CX97,100
AUPH96,900
KO95,100
HAL93,100
MT91,100
MBLY90,300
WPX89,600
MPEL89,500
XRX89,400
EMN88,600
FXI88,200
KMI87,900
SWN87,500
GILD87,100
DAL86,900
AUY86,500
WFC85,300
XLU85,300
IEMG84,700
OIH84,400
DOG84,300
FOXA83,000
ALLY81,800
CNC81,500
IBN81,100
HPE80,100
SLM79,700
CBIO79,100
NE78,700
EXC78,400
SBH77,700
DRH77,400
DRYS77,300
WLL77,300
ABX76,300
C74,900
WMT74,500
RF73,700
INTU73,500
SRC73,300
PBF73,200
TWO72,800
VZ72,400
CYH72,200
GLD72,100
AMAT70,700
MS70,000
SGYP69,500
NGD69,300
PM69,300
DRI68,200
EWJ68,100
TJX67,200
BBT66,600
SYMC66,200
AKAM65,900
VEA65,900
RIG65,400
DB64,500
AVEO62,900
MDLZ62,700
TWTR62,700
APO62,600
JBLU62,600
KEY62,000
USB61,700
NLY61,300
JCP60,700
HRB60,200
VIXY60,100
VER60,000
ON59,700
CSX59,100
SLW59,100
FITB58,800
JD58,600
KRE58,500
AKS58,300
MAT57,200
WIN57,100
MRVL56,700
BP56,600
HMY56,000
FCAU55,900
OCLR55,800
MDR55,300
UCO55,200
INFY55,100
NFX54,700
MDT54,600
DHR54,300
LB54,100
XLI54,000
HMHC53,600
AIG53,300
PLUG53,200
HCA53,000
GRPN52,800
VIAB52,400
GGB52,200
KIM52,200
GFI51,600
NKE51,600
ABEV51,200
HBAN50,600
ACWI50,500
BRFS50,100
OCN49,700
FIG49,600
SBUX49,400
EGO49,300
XLY49,200
SLB49,100
ZNGA49,100
HUN48,700
GRUB48,200
YUMC47,900
XLP47,000


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