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
April 25, 2017



98,215,200
Total Matched Volume*
85,919,325
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
April 25, 2017

BAC1,309,800
XLF884,600
AKRX599,300
GDX573,100
EEM527,400
NORD517,600
VALE517,600
VXX515,100
NOK484,600
AMLP452,800
USO449,900
ABX403,200
ESRX371,800
SPY358,700
ABEV314,200
SIRI294,100
T286,500
INTC283,600
EFA281,100
JNUG266,000
CHK259,700
NUGT259,300
FCX248,200
GE232,700
XLI220,400
KIM215,100
AKS214,600
GDXJ208,000
WFC207,400
APFH204,200
FTR200,500
AMD193,300
SWC192,000
EBAY191,900
DDR185,600
VZ184,400
ORCL176,100
MS175,500
BKLN172,900
XOP171,400
GLD170,800
MSFT169,200
F169,000
RAD161,700
KGC161,200
MLCO159,300
RF157,100
XRX155,100
CVS152,400
VALE.P146,000
JNPR145,500
ITUB144,800
VEON138,300
C137,700
BBRY135,700
PBR135,000
QCOM135,000
WFT131,600
JNK128,900
HBAN128,100
MRVL127,800
PFE127,800
SLV125,200
AUY125,000
IWM124,800
CMCSA124,200
XLY121,600
TWTR119,900
NLSN119,800
BSX119,100
BK116,600
MT115,500
MU113,400
KO111,200
S111,200
BMY110,900
VRX110,200
ECA109,300
XLE109,000
NBR108,400
CFG107,300
ABT105,000
MGM104,400
EWZ104,000
SXL103,100
GM100,500
JCP99,800
MET99,700
FMSA99,200
BBD99,100
FCH98,600
CTL98,200
CATB98,100
GSAT98,000
XLV97,500
VEA95,600
JPM94,600
HYG93,700
TECK93,400
X93,400
JBLU92,800
TZA92,100
KRE89,800
FXI89,700
MYL89,700
SVU89,500
HIMX89,000
RIG88,800
TSM88,400
BSBR88,200
MCD86,100
ATVI84,700
SLB84,700
WY84,300
SYT84,000
EUFN83,300
XLK83,300
CY83,200
PYPL83,200
MAT82,300
TPH82,300
BTG81,300
KMI80,800
VER80,800
GPK80,100
WFM80,000
MRK79,500
PHM79,100
IAU78,700
UNG78,500
WBA77,200
NYCB76,800
CSX76,700
PPL76,500
KEY76,200
FE75,600
QQQ75,500
IEMG74,300
RRC73,900
SYMC73,400
CAT72,000
TLT71,400
USB71,400
CSCO71,300
CTRV69,600
TEVA68,900
NFLX68,600
PLUG68,600
PDS68,100
GG67,200
TMUS67,200
UMC67,200
MRO66,400
UVXY66,200
GGP65,700
CYTR64,700
IAG64,700
LLY64,200
AXP63,800
NKE63,100
RAI62,900
DAL61,900
EXC61,900
SWN61,800
VWO61,700
ERIC60,600
NEM60,600
WU60,300
CLF60,200
AIG59,900
FITB59,500
KCG59,300
GLW59,200
SBUX59,200
FOX59,000
NGD58,800
HON58,500
GFI57,700
HIG57,400
SQ56,700
DOW56,300
GILD55,900
HUN55,500
SNAP55,000
HLX53,100
XME52,500
SCHW52,100
CAG51,700
IPG51,700
XBI51,600
CUZ50,300
LQD50,100
SFM50,100
CZR50,000
BAX48,800
PG48,400
MO47,600
AEE47,500
LYG47,400
ATI46,700


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