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.

June 16, 2021

Total Matched Volume*
Current Month ADV*

*Figures are double-counted to include all volume traded on LeveL ATS (i.e., both sides of the transaction)


Q1: WHAT IS THE LEVEL ATS? A1: LeveL ATS is a continuous crossing US Equity Alternative Trading System (ATS), designed to transform dark pool executions with crossing innovation.

Launched in 2006 LeveL ATS is a leading, independent US Equity Dark Pool trading execution and technology provider focused on delivering fast, efficient, low-cost trading while minimizing market impact and information leakage.
Q2: WHO CAN TRADE ON LEVEL ATS? WHAT SECURITIES DOES LEVEL TRADE? A2: All LeveL ATS subscribers must be U.S. Registered Broker-Dealers.
LeveL ATS trades NMS securities that are listed to trade in 100 share lots.

  • Market
  • Limit
  • Peg
    • Market
    • Midpoint
    • Primary
  • Conditional
  • VWAP Block
  • VWAP Slice
  • VWAP Full Day
Q4: HOW DO I CONNECT TO LEVEL ATS? A4: Subscribers can connect via cross connects within Equinix NY4 or through various extranet providers. Please contact us at or at 617-203-3156 for additional information. Q5: WHERE IS THE LEVEL ATS MATCHING ENGINE LOCATED? A5: The LeveL ATS matching engine is located in Equinix NY4 Secaucus, NJ. Q6: CAN I CO-LOCATE WITH LEVEL ATS? A6: 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. Q7: DOES LEVEL ATS ROUTE MY ORDER FLOW OUTSIDE OF ITS SYSTEM? A7: No. LeveL ATS does not route any order flow. Q8: WHAT IS LEVEL ATS' MARKET PARTICIPANT ID (MPID)? A8:The MPID for LeveL ATS is EBXL. Q9: WHAT IS LEVEL ATS' MIC CODE? A9: The Operating MIC Code for LeveL ATS is LEVL. LeveL also owns the MIC Code EBXV. Q10: WHAT ARE THE HOURS OF OPERATION FOR LEVEL ATS? A10: 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)
Q11: HOW DO I ENTER AN ORDER ON LEVEL ATS? A11: LeveL ATS supports order entry via FIX 4.2 only. Q12: WHERE DOES LEVEL ATS GET ITS MARKET DATA? A12: LeveL ATS uses the SIP for its Market Data. Q13: HOW DOES LEVEL ATS DETERMINE A SYMBOL AS "OPEN"?A13: LeveL ATS uses trade reports from CTA/UTP. 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. Q14: ARE ORDERS RECEIVED BY THE LEVEL ATS HANDLED ON A NOT-HELD BASIS? A14: Yes, all orders received by the LeveL ATS are handled on a Not-Held basis. Q15: WHERE DOES LEVEL ATS PRINT ITS TRADES? A15: LeveL ATS executions are printed to the FINRA/NASDAQ TRF.

Member FINRA and SIPC
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