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LeveL is an electronic Alternative Trading System (ATS) created by eBX LLC, a joint venture of Citi, Credit Suisse, Fidelity Capital Markets, Lehman Brothers and Merrill Lynch[1].

LeveL 1 is a white label, “out of the box” platform that includes an order matching engine. The system is intended to allow firms to match internal sources of order flow to maximize execution quality while increasing operational efficiency.

LeveL 2 provides a diverse pool of liquidity and aims to give firms the ability to customize their trading experience through a cost effective utility model. The matching engine aims to maximize liquidity and price improvement opportunities, while minimizing information leakage, by providing the ability to interact with either a list of chosen counterparties, or all of the participants within the LeveL environment.


  1. Features. eBX LLC.