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
June 27, 2017



91,389,400
Total Matched Volume*
93,105,642
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
June 27, 2017

VXX1,405,100
XLF1,034,400
USO743,000
EEM692,400
SPY491,600
ABEV482,700
BAC480,200
AMD454,000
GDX389,600
DCTH342,900
JNK309,300
SIRI308,200
SMH298,100
VALE287,200
GE280,500
UVXY267,100
INTC260,400
ERIC259,100
VZ231,600
CHK230,900
CX222,700
RAD221,200
VEA212,000
MSFT206,100
CSCO201,600
RNVA187,700
ZNGA185,000
MU183,800
AVEO179,900
KBE179,600
IBN173,700
MRO173,200
DLTR172,900
UNG172,300
PBR172,200
CBI167,100
KR164,700
KATE163,600
TRQ162,700
PYPL161,300
HYG158,300
IYR150,500
FTR149,800
IWM147,800
ARNC147,200
F144,500
VRX144,400
S143,300
QQQ133,100
VWO129,900
BBD127,600
ORCL125,100
ALDR123,700
AMAT123,600
HPE122,500
IEFA121,000
NGD120,600
KO119,500
T118,700
WPX113,300
GLD111,800
PLD110,800
FOXA109,900
CLR106,900
CMCSA105,900
AUO103,700
EWZ101,900
CFCO101,400
KEY101,400
BSX101,200
MDR101,100
JD101,000
ICE100,900
MRVL100,900
GRPN100,800
MDLZ99,700
NRG96,000
EFA93,900
RIG93,400
SDRL93,100
FCX92,800
JNPR92,500
AUY90,000
DLPH89,500
PFE88,200
VGK88,100
MGM87,300
SID87,000
XLE86,900
NOK86,500
AMRN86,300
COG86,200
ITUB84,500
VER84,500
VIAB82,500
JPM81,700
AVP81,400
XLU81,300
C79,600
KGC79,600
CSX77,900
CY77,500
HPQ76,600
RICE76,600
WFT76,500
MBT75,500
WLL75,400
CAR75,200
EBAY74,900
SN74,900
WMT74,300
FOLD73,700
COP73,100
XIV71,500
FXI71,300
IEUR71,100
ABX70,800
DDR70,700
GILD70,000
KMI69,900
MO68,800
SLB68,600
CLF67,900
SYF67,700
ENB67,600
HTZ67,300
ESV66,800
ECA66,600
XLK66,500
XOP66,400
JBLU66,000
OIH65,400
SLV65,200
SAN65,000
SWN65,000
EPD64,600
OAS64,200
BBRY63,600
SRC62,800
AMRI62,600
NE61,800
VMC60,400
TMUS60,300
WFC59,400
JCI59,300
FTI59,000
GUNR59,000
LOW58,900
ETE58,800
DAL58,700
WFM58,500
NVAX58,400
MRK58,200
SYMC56,500
TSM56,100
SRCI55,800
CS55,700
MBRX55,500
XLB55,500
XLV55,000
NBR54,800
GGP54,400
AKS54,000
MS53,700
NRZ53,200
AABA52,900
LQD52,500
VMW52,500
EMB52,200
NBL52,100
TLT52,000
USMV51,700
IAU51,600
GG51,400
TWTR51,300
BABA51,200
DXTR50,800
GPK50,500
HES50,400
CAT49,800
LBTYK49,400
GFI49,200
VNQ48,900
AERI48,800
GPS48,700
STOR48,700
PG48,600
VIAV48,600
FB48,500
GM48,200
DRE47,900
NLY47,900
RDC47,900
PBR.A47,800
DVN47,400
P47,300
RAI46,900
XLP46,800
IEMG46,200
AAPL45,800


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