Transforming Trading with Crossing Innovation

Stable, low-cost, low-latency continuous crossing platform designed to minimize market impact

 

218,498,668

LeveL Total Matched Volume
June 18, 2024

195,810,190

LeveL May 2024 Average Daily Volume

*Figures are double-counted to include all volume traded on LeveL ATS

features

Continuous Crossing:
Seamless trading in a dark pool environment, minimizing information and market impact.

Bi-Lateral and Multilateral Trading:
Allows users to trade with specified single or multiple contra parties in a dedicated way within our platform.

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

Order types

We support 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
  • Midpoint Peg – Match at the midpoint 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 Slice (trajectory cross):
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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