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 20, 2017



90,066,200
Total Matched Volume*
89,479,538
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 20, 2017

RAD1,097,100
XLF956,000
GE847,400
BAC757,100
BMY701,800
VXX631,400
EEM626,200
FTR499,100
GDX482,900
CSX452,500
USO363,200
EFA352,800
FRAC339,000
SPY317,300
WFC266,600
AXAS265,100
ARIA253,100
XOM249,200
NOK247,100
CX243,800
XLP231,000
DGAZ223,800
VALE207,200
RIG206,700
WFT203,500
WMT203,300
JNUG202,000
TMH198,700
PSTI187,900
UNG185,700
SIRI185,100
GLD182,800
UUP181,800
PBR181,500
DRYS177,900
KEY177,500
TVIX176,600
XLI174,200
IWM173,900
MOS173,800
FXI173,500
INTC171,200
F171,100
CPN169,700
ABX168,900
MSFT163,000
MRK160,000
MTG155,000
PFE153,300
SLV152,700
HPQ152,200
VRX151,200
QCOM148,400
IBN147,500
CHD145,500
XLK140,100
ESV139,300
UVXY136,200
WPX134,400
PG134,100
EWZ129,100
VZ128,900
NUGT126,700
BK124,900
CSCO124,800
HST124,700
FIS118,700
AMD118,200
C117,800
ORCL113,600
T111,100
CF110,500
RF108,500
S108,500
ARNC107,700
AKS107,100
MU106,100
CHK105,900
KRE105,200
KMI104,200
TDG103,200
CFG102,900
WLL99,300
JCP98,800
AIG98,500
TXN97,600
HAL96,700
SLB94,600
WBA93,700
JNK92,200
AZN91,400
ETRM91,200
QQQ91,100
ALLY91,000
KO91,000
TGT91,000
ITUB89,900
IYR89,700
COTY89,000
BBD88,000
ABEV87,500
RNN87,500
JPM86,800
NRG84,100
POT81,400
BSMX81,300
APC80,700
CLF80,300
AES79,100
SGYP77,200
MO76,700
WWAV76,400
OIH75,600
VWO74,500
TSM74,400
BSX73,700
TLT72,500
TSU71,900
EWW71,400
FITB70,800
FCX70,200
HYG70,200
XLE70,000
NE69,600
GGB69,000
ECA67,900
GPK67,700
DXJ66,600
GDXJ66,200
LC66,200
XRX65,400
PK65,100
FCAU64,300
MRO64,000
RAI63,600
TWTR63,000
IAU62,500
GILD62,300
GNW62,200
RNVA62,000
PRGO61,300
GFI60,700
RSX60,600
NZF60,400
XBI59,700
FRED59,100
MT59,100
GM58,600
HMY58,200
LQD57,800
USB57,700
WU57,600
IBM57,300
XLU57,300
AAL57,100
MUR56,700
CELG56,400
AON56,300
IPG55,600
EXC55,400
CMCSA54,800
UCO54,800
VGK54,600
WMB54,500
WY54,400
YHOO54,100
HPE53,700
LMCK53,400
ARRY51,600
AFMD51,500
EBAY51,400
UWT51,400
VEA51,400
SWKS51,200
AAPL51,000
NKE50,800
P50,500
COL50,400
SYF50,300
JBLU49,200
FOXA48,900
FTI48,900
SYMC48,900
VIAB48,400
XOP48,200
MCK46,900
VIXY46,700
ARCC46,300
SDRL46,200
EWT46,000
MPC46,000
HRL45,900
K45,900
EWJ45,800
KGC45,800
TWX45,700
INFO45,500
XLV45,300
ON45,200
AA45,100


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