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: DOES LEVEL ATS UTILIZE INDICATIONS OF INTEREST (IOI) IN ANY WAY? A4: No. LeveL ATS does not send or receive IOIs. Q5: WHERE IS THE LEVEL ATS MATCHING ENGINE LOCATED? A5: 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. Q6: CAN I CO-LOCATE WITH LEVEL ATS? A6: No. LeveL ATS does not offer the ability to co-locate with the matching engine. Q7: WHAT IS LEVEL ATS' MARKET PARTICIPANT ID (MPID)? A7: The MPID for LeveL ATS is EBXL. Q8: WHAT IS LEVEL ATS' MIC CODE? A8: The MIC CODE for LeveL ATS is LEVL. Q9: WHAT ARE THE HOURS OF OPERATION FOR LEVEL ATS? A9: 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)
Q10: HOW DO I ENTER AN ORDER ON LEVEL ATS? A10: LeveL ATS supports order entry via FIX 4.2. Q11: WHAT SECURITIES DOES LEVEL TRADE? A11: LeveL ATS trades US Equity NMS securities. Q12: WHERE DOES LEVEL ATS GET ITS MARKET DATA? A12: LeveL ATS sources market data from exchange SIP feeds, delivered from the Thesys Technologies, LLC ticker plant solution. Q13: DOES LEVEL ATS EXECUTE OUTSIDE THE NBBO? A13: No. LeveL ATS is designed to execute at or within the known NBBO at the time of the execution. Q14: WHERE DOES LEVEL ATS PRINT ITS TRADES? A14: LeveL ATS executions are printed to the FINRA/NASDAQ TRF. Q15: HOW DOES LEVEL ATS DETERMINE A SYMBOL AS "OPEN"? A15: 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. Q16: WHAT IS THE PRIORITY MODEL FOR ORDER MATCHING? A16: LeveL ATS is designed to match all orders based on Price/Time priority logic, barring additional execution instructions. Q17: WHAT ORDER TYPES DOES LEVEL ATS SUPPORT? A17: LeveL ATS Supports Resting and IOC (Immediate or Cancel) Market, Limit and Peg order types. Q18: HOW DOES CANCEL-REPLACE AFFECT MY ORDERS PRIORITY? A18: 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. Q19: DOES LEVEL ATS SUPPORT ODD LOTS OR MIXED LOTS? A19: 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. Q20: DOES LEVEL ATS SUPPORT MIN QTY? A20: Yes. LeveL ATS offers both aggregation and non-aggregation options for MinQty. MinQty instructions are defined by the user on an order-by-order basis. Please contact LeveL ATS for more details Helpdesk@LeveLATS.com or 800-958-4813. Q21: HOW ARE ORDERS HANDLED IN A LOCKED MARKET? A21: 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. Q22: HOW DOES LEVEL ATS DETERMINE PRICE IMPROVEMENT A22: LeveL ATS was designed to split price improvement equally between both sides of an execution. Where two orders are eligible to match at multiple price levels, LeveL ATS will seek to match the orders within the NBBO at the midpoint of the trading range as determined by each orders 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

TRADING STATISTICS
September 02, 2015



97,691,200
Total Matched Volume*
108,357,800
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 02, 2015

MSFT815,200
VXX547,200
AEZS541,700
INTC521,800
SPY502,100
UWTI498,400
EEM487,300
GE429,200
EWZ423,000
XLF387,700
CSCO370,200
FCX364,000
JNK335,900
BAC330,700
XLE322,700
IWM299,900
RSX294,400
BKLN293,000
MDLZ270,700
WFT263,800
GDX248,800
PFE241,000
OLN228,500
OIH226,100
ORCL224,600
T221,400
QQQ220,300
PBR219,200
UAL217,700
TSM213,100
FTR199,100
EMC196,100
USO194,700
VIPS194,000
F191,700
VALE190,700
CMCSA189,200
NLY177,700
EWT175,000
SUNE174,800
YHOO174,600
KEY174,000
FOXA172,700
ECA170,700
INDA168,600
EWJ160,700
WFC156,900
C150,600
V146,300
XLI143,400
XIV140,700
MU140,500
JPM138,600
NFLX137,700
SBUX137,500
XLV137,200
XOP136,600
AMAT135,900
MRK132,900
KO130,400
NBL129,300
VTG129,200
ATVI129,100
SFUN127,200
VWO127,100
KRE124,900
AAPL123,700
ARIA122,700
VIAB115,600
SPN113,200
JNJ112,900
SURG112,700
EFA111,500
FXI111,100
CX109,500
XRX108,600
EXC107,400
CY107,300
COP106,400
IYR105,800
HRB104,300
HLT103,900
CVE103,100
S102,800
SLB102,800
MS102,500
VTI101,900
DNR101,800
WEN101,200
SPLS100,600
SIRI99,100
BBD98,700
CNQ98,700
GPRO98,500
MDRX97,800
ALLY97,100
BSX97,000
ABEV96,900
PDLI96,800
ABT96,300
DOW94,900
MSI93,600
NBR93,400
CHK89,400
ESV88,000
SWFT86,400
NEM85,700
AMH85,600
AUY84,900
NE84,500
VLO84,500
YNDX81,800
AIG81,200
DAL79,600
AMLP79,200
HYG77,800
AAL77,700
TZA77,200
OAS76,900
HAL76,600
XLY76,500
CFG76,100
DLTR75,400
ITUB75,100
WLL74,900
CAT74,500
STX72,600
CHAD71,800
TEX71,300
NRG71,000
MRO70,800
RDS.A69,800
PLD69,400
BAM69,000
KMI69,000
RJET68,500
DXJ68,400
EBAY68,400
WMT68,400
GNW68,300
AGG67,900
INFY67,900
BMY67,400
UNP67,000
AA66,700
HBAN66,500
MRVL66,500
HMSY65,700
RIG65,600
XLU64,400
CRC63,900
MMM63,800
GM63,700
IBN63,400
UGAZ63,000
DIS62,400
AES62,300
FOLD61,800
MGM61,700
JCI60,800
WMB60,400
ATML59,800
LC59,700
SYRG59,300
COH58,000
HEDJ58,000
ON57,700
CVX57,400
CC57,200
TDC56,900
MNKD56,300
NETE56,200
GSAT56,100
CNX55,700
RAD55,500
VTV55,500
XOM54,300
TWTR54,200
NCV54,100
VGK53,900
WFM53,900
VNQ53,400
AMBA53,000
SDRL52,600
PBCT52,500
MBI52,400
PHM52,300
STR51,700
BTU51,200
FHN50,700
HPQ50,700
VZ50,500
ABBV50,200
FB50,200
OXY50,200
EA49,700
HSP49,400
OI49,400
SCHW49,400
MET49,200


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