LEVEL ATS FEATURES



LeveL ATS is a continuous crossing US Equity Alternative Trading System offering users a multitude of customizable products and services.


Broker Dealer Outsourced Internalization Solution
Users can leverage the LeveL ATS platform to match their own internal sources of order flow; maximizing execution quality while increasing operational efficiency.

Bi-Lateral and Multi-Lateral Trading
Allows for users to trade only with specified single or multiple contra parties in a dedicated way within the LeveL ATS platform.

Contra-Party Customization
LeveL ATS offers users the ability to customize their eligible contra-parties through contra-party list building at either the Session level, MPID level, or Desk level.

Minimum Quantity
LeveL ATS offers both aggregation and non-aggregation options for MinQty. MinQty instructions are defined by the user on an order-by-order basis.

Price improvement
LeveL ATS is 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 improvement equally between both orders.


ORDER TYPES


LeveL ATS supports Resting and IOC (immediate or cancel) Market, Limit and Peg order types.

Market Orders:
Match at the opposite-side of the NBBO or better.

Limit Orders:
Match at their limit price or better.

Peg Orders:
Market Peg - Match at the opposite side of the NBBO or better. An additional limit price is optional.
Mid-Point Peg - Match at the mid-point of the spread or better.
Primary Peg - Match at the same side of the NBBO or better.

Conditional Orders:
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.


VWAP Orders:

VWAP Full Day Order:
Anchors two or more orders and executes them at the volume-weighted average price (VWAP) based on reported trade prices in the market during the trading period.

VWAP Full Block Order:
Anchors two orders and executes them, fully or partially, at the volume-weighted average price (VWAP) based on the reported trade prices in the market during the Bespoke Anchor time frame. VWAP Block Orders leverage Conditional Order functionality.

VWAP Full Slice Order:
Anchors two orders and executes them, fully or partially, at the volume-weighted average price (VWAP) based on the trade prices in the market, in randomized “slices" throughout the bespoke anchor time frame. VWAP Slice Orders leverage Conditional Order functionality.




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