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Alternative trading system

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alternative trading system

Launched inLeveL 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. WHO CAN TRADE ON LEVEL ATS? All LeveL ATS subscribers must be registered broker-dealers. Alternative DO I CONNECT TO LEVEL ATS? Subscribers can connect via cross connects within Equinix NY4 or through various system providers. Please contact us at Salesdesk LeveLATS. DOES LEVEL ATS ROUTE MY ORDER FLOW OUTSIDE OF ITS SYSTEM? LeveL ATS does not route any order flow. WHERE IS THE LEVEL ATS MATCHING ENGINE LOCATED? 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. CAN I CO-LOCATE WITH LEVEL ATS? 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. The MPID for LeveL ATS trading EBXL. WHAT IS LEVEL ATS' MIC CODE? The MIC CODE for LeveL ATS is LEVL. WHAT ARE THE HOURS OF OPERATION FOR LEVEL ATS? The LeveL ATS Production system is available between 7: Resting orders will be accepted between 7: Order Matching - Executions will occur between 9: HOW DO I ENTER AN ORDER ON LEVEL ATS? LeveL ATS supports order entry via FIX 4. LeveL ATS trades NMS securities that are listed to trade in share lots. WHERE DOES LEVEL ATS GET ITS MARKET DATA? LeveL ATS sources market data system SIP feeds, delivered from the Thesys Technologies, LLC ticker plant solution. DOES LEVEL ATS EXECUTE OUTSIDE THE NBBO? LeveL ATS is designed to execute at or within the known NBBO at the time of the execution. WHERE DOES LEVEL ATS PRINT ITS TRADES? Each trade report signifies whether that trade is "last sale eligible. WHAT IS THE PRIORITY MODEL FOR ORDER MATCHING? WHAT ORDER TYPES DOES LEVEL ATS SUPPORT? 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. 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 trading 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. A Conditional Order is an instruction to the ATS that the participant wants to interact alternative 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. HOW DOES CANCEL-REPLACE AFFECT MY ORDERS PRIORITY? A reduction in quantity is the only change that will maintain an orders current priority in the LeveL Alternative book. All other changes will result in the order being treated as a new order. DOES LEVEL ATS SUPPORT ODD LOTS OR MIXED LOTS? 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 Trading Lot execution. DOES LEVEL ATS SUPPORT MIN QTY? 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. HOW ARE ORDERS HANDLED IN A LOCKED MARKET? 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. 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. DOES LEVEL ATS OFFER THE ABILITY TO CUSTOMIZE THE TYPE OF FLOW I INTERACT WITH? LeveL ATS offers all users the ability to customize their eligible contra party system. For more information please contact our Sales Desk at Salesdesk levelats. 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. XLF 1, USO 1, BAC 1, EEMVXXGEGDXYHOOSPYAUYWLLPBRSRCXOPGLDKRKIMWFCMATAKSAMDVALEBABANOKDHIPBR. AJDINTCTLTGGBOCLRTSMSLVCHKHRB alternative, MROUVXYGMCSCOSystemXLEQQQLBTYKCVIPSUNGEFAABEVRADMJNABXFBKDFXIMRKMSFTCLFWFTHSTASNA trading, GDXJJNKHPITUBSIRIORCLSWNRAITRPRIGXLPJCPEWZKMIDNRETECSXRICEXTradingXLUSLBUCOCTLFEZSLCAHPE 99, HYG 99, HAL 98, OAS 97, SCHW 96, AMH 95, KRE 93, ETP 92, RSX 91, LQD 91, ECA 89, UWT 87, DD 87, Alternative 86, XOM 84, AAPL 84, BBD 83, KO 83, SBUX 83, IAG 80, RF 80, HDS 78, JPM 77, COG 77, NRG 76, BTG 75, HCP 74, FEYE 73, NBR 72, FITB 71, V 71, SAN 71, NUGT 70, SC 69, JHG 69, VEA 69, IEMG 67, IEFA 66, TMUS 66, MU 65, VST 64, PFE 64, WPX 63, GGP 62, HPQ 62, BHI 61, DDR 60, GIS 60, JNJ 59, VNQ 58, ALXN 58, FB 58, SEAS 58, NLY 57, T 57, VSH 57, COP 56, ATVI 56, RRC 55, AIG 55, FTR 54, LVS 54, CA 54, JNUG 53, XLB 53, ZNGA 53, CMCSA 53, ESV 53, GLBL 53, P 53, TWTR 52, XIV 52, MFA 52, ELOS 52, NE 51, EZU 50, GRPN 50, NSR 50, XRX 50, STNG 50, GST 50, System 49, XLV 49, CY 49, SBGL 49, MO 49, IYR 48, FOSL 48, HK 48, DHT 47, QEP 47, CX 47, POT 47, USB 47, EBAY 47, KKR 47, HTZ 46, OIH 46, AVP 46, QCOM 46, LPI 46, ON 46, HUN 46, EGO 46, EPZM 45, PTEN 45, OXY 45, SM 45, ODP 44, PYPL 44, BWA 44, FMSA 44, GFI 44, TSN 44, LeveL ATS Newsletter - May LeveL ATS Newsletter - March LeveL ATS Newsletter - February SUBSCRIBE TO LEVEL ALERTS. 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What is ALTERNATIVE TRADING SYSTEM? What does ALTERNATIVE TRADING SYSTEM mean?

What is ALTERNATIVE TRADING SYSTEM? What does ALTERNATIVE TRADING SYSTEM mean?

4 thoughts on “Alternative trading system”

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