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
September 20, 2017



104,513,400
Total Matched Volume*
94,974,723
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
September 20, 2017

SRUN1,035,400
SRUNU1,001,300
EEM919,300
AMD770,200
RAD656,600
XLF634,200
GDX590,300
USO577,500
BAC518,300
GE499,600
VZ425,700
VALE419,900
PBR.A387,200
SIRI363,600
RIG343,900
MU327,200
HYG322,100
T298,500
XLU294,600
CMCSA288,200
BSTI264,000
VXX252,800
IWM248,700
SPY243,300
CSCO242,400
NOK238,000
ECA224,900
XOP223,600
AAPL217,200
WFT215,600
SDRL213,300
PBR204,900
WFC198,500
CHK191,000
IAU189,200
XLE186,300
INTC179,800
JNK179,300
MSFT177,800
LBTYK176,100
ESV174,100
EWZ169,900
PHM166,900
HPE166,300
VER165,600
SLV161,300
FCX159,800
WLL152,800
GLD151,700
SWN151,300
BBD146,100
DMPI146,000
ON145,900
CPE138,700
XOM137,600
XLP137,400
GIS133,500
ZNGA130,700
SYMC130,400
BBRY129,600
MAT128,100
VEA128,100
HAL128,000
F126,400
VWO125,500
PFE124,800
HMNY124,400
KR123,300
PLUG123,100
DESP122,800
CX119,300
SMH119,300
SNAP117,000
CVS113,900
ORCL113,200
KMI112,500
JCP111,400
EFA110,100
MRVL109,800
NBR107,100
TWTR107,000
ABEV106,700
PDS106,200
QQQ106,000
VIPS105,700
V104,400
DISCK104,300
EAGL103,700
UNG103,500
RF103,000
BBBY101,700
MDXG100,200
UNIT99,900
UVXY98,600
ALNY97,400
EGO97,400
KEY97,400
CPN97,100
HEWJ95,900
MDLZ95,700
CVE95,300
JCI92,100
DISCA89,800
S89,200
SBUX88,800
TXN88,800
UWT88,700
IPG88,600
ATVI88,300
WBA87,500
TVIX86,200
MXWL85,900
MRO83,600
SCHW83,300
GDXJ82,900
KO82,600
HK82,200
CTL79,400
GGP79,200
ITUB79,200
C78,400
ABX78,300
EXR78,000
KRE77,200
NYRT76,800
TGNA76,800
AGNC75,600
AKS75,200
PTEN75,100
OAS75,000
NBL74,600
RRC74,300
GM74,200
MAR73,800
MDT73,700
TEVA73,600
MS73,400
BABA73,300
ADBE73,200
UUP72,900
AIG72,700
KND72,500
QEP72,500
CELG70,500
STI70,300
FIT69,900
ADSK69,200
JPM69,200
MYL68,200
IEMG67,900
AUY67,600
FDC67,300
COG67,200
KBE66,200
GPK65,700
CLF65,400
LQD65,400
IONS64,800
ETFC64,700
HBAN64,600
NLY64,600
TWX63,500
EOG63,400
TECK63,400
TAHO62,100
AES62,000
HTGM61,700
MTW61,600
EFX61,000
CIEN60,000
IMAX59,900
KHC59,000
ESRX58,700
SO58,700
LOW58,500
XLV58,300
PDLI58,200
EBAY58,000
NVAX58,000
HBI57,200
SSNI57,000
PG56,900
TMUS56,900
JBLU56,700
FXI55,900
NKE55,100
AABA55,000
INVH55,000
CFG54,800
WDC54,500
OKE54,100
FLEX53,900
TGT53,900
GFI53,700
KGC53,200
TROX53,200
XLK52,400
GPOR52,100
NFLX52,000
AXP51,900


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