# EDGAR Filing Document

**Accession Number:** 0001609177
**File Stem:** 0001609177-26-000008
**Filing Date:** 2026-3
**Character Count:** 7485
**Document Hash:** 9b6b635468938037c67261638399a7e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001609177-26-000008.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001609177-26-000008

**CONFORMED SUBMISSION TYPE**: ATS-N-C

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260313

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEVEL MARKETS, LLC
- **CENTRAL INDEX KEY:** 0001609177

**ORGANIZATION NAME:**
- **EIN:** 465515706
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ATS-N-C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 013-00112
- **FILM NUMBER:** 26752397

**BUSINESS ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** 14TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-286-8080

**MAIL ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** 14TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KEZAR TRADING, LLC
- **DATE OF NAME CHANGE:** 20230406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LUMINEX TRADING & ANALYTICS LLC
- **DATE OF NAME CHANGE:** 20141217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BEACON TRADING & ANALYTICS LLC
- **DATE OF NAME CHANGE:** 20140523

## Form ATS-N-C: NMS Stock Alternative Trading System Report

### Part II: Written Safeguards and Procedures

**1a. Are any business units of the Broker-Dealer Operator permitted to enter interest?** —

**1b. Are the services offered and provided by the ATS to such business units the same?** —

**1c. Are there any arrangements between the ATS and such business unit?** —

**1d. Can order and trading interest of the business unit be routed out of the ATS?** —

**2a. Are any Affiliates of the Broker-Dealer Operator permitted to enter interest?** —

**2b. Are the services offered and provided by the ATS to such Affiliates the same?** —

**2c. Are there any arrangements between the ATS and such Affiliate?** —

**2d. Can order and trading interest of the Affiliate be routed out of the ATS?** —

**3a. Can a Subscriber opt-out from interacting with the order and trading interest of the Broker-Dealer Operator?** —

**3b. Can a Subscriber opt-out from interacting with the order and trading interest of an Affiliate?** —

**3c. Are the means to opt-out the same for all Subscribers?** —

**4a. Are there any arrangements between the Broker-Dealer Operator and a trading center?** —

**5a. Does the Broker-Dealer Operator offer any products or services to Subscribers?** —

**5b. Are the terms and conditions of these products/services the same for all Subscribers?** —

**5c. Does an Affiliate of the Broker-Dealer Operator offer any products or services to Subscribers?** —

**5d. Are the terms and conditions of these products/services offered by the Affiliate the same for all Subscribers?** —

**6a. Do any employees of the Broker-Dealer Operator or its Affiliates access confidential trading information?** —

**6b. Does any other entity provide services to the ATS?** —

**6c. Do any of these service providers also use the services of the ATS?** —

**6d. Are the services of the ATS to such service provider the same as for other similar Subscribers?** —

**7a. Description of Safeguards and Procedures:**
—

**7b. Can a Subscriber consent to the disclosure of its confidential trading information?** —

**7d. Summary of roles of persons with access to confidential trading information:**
—

**2a. Is a Subscriber required to be a registered broker-dealer?** —

**2b. Are there any other conditions for eligibility to become a Subscriber?** —

**2c. Are the conditions for eligibility the same for all persons?** —

**2d. Is there a written agreement required to use the ATS?** —

**3a. Are there any conditions under which a Subscriber may be excluded?** —

**3b. Are these conditions the same for all Subscribers?** —

**4a. Hours of Operation:**
—

**4b. Are the hours of operation the same for all Subscribers?** —

**5a. Are Subscribers permitted to enter orders and other messages by electronic means?** —

**5b. Are these protocols the same for all Subscribers?** —

**5c. Are there any other means to enter orders?** —

**5d. Are the terms and conditions for other means the same for all Subscribers?** —

**6a. Are co-location services offered?** —

**6c. Are any other means offered that reduce the latency of communications?** —

**6e. Are any other means offered that reduce the latency of communications between the ATS and its Subscribers?** —

**7a. Order Types and Attributes:**
—

**7b. Are the order types, attributes, and instructions the same for all Subscribers?** —

**8a. Does the ATS require a minimum or maximum order size?** —

**8c. Are odd-lot orders accepted and executed?** —

**8d. Are odd-lot procedures the same for all Subscribers?** —

**8e. Are mixed-lot orders accepted and executed?** —

**8f. Are mixed-lot procedures the same for all Subscribers?** —

**9a. Does the ATS send any messages to indicate trading interest?** —

**10a. Opening/Re-opening/Closing Procedures:**
—

**10b. Are these procedures the same for all Subscribers?** —

**10c. Unexecuted Orders Procedures:**
—

**10d. Is there any difference in execution procedures during trading hours?** —

**10e. Is there any difference in pre-opening or execution procedures following a stoppage?** —

**11a. Structure of the NMS Stock ATS:**
—

**11b. Are the means that facilitate access the same for all Subscribers?** —

**11c. Rules and procedures of the NMS Stock ATS:**
—

**11d. Are these rules and procedures the same for all Subscribers?** —

**12a. Are there any arrangements to provide liquidity?** —

**13a. Is order or trading interest segmented?** —

**13b. Is the segmentation the same for all Subscribers?** —

**13c. Does segmentation depend on whether the order is from a customer?** —

**13d. Are segmentation categories disclosed to Subscribers?** —

**13e. Is the disclosure the same for all Subscribers?** —

**14a. Is a Subscriber designated to interact with specific trading interest?** —

**14b. Is the counter-party selection the same for all Subscribers?** —

**15a. Does the ATS use electronic communications to display order and trading interest?** —

**15b. Is order and trading interest displayed to anyone other than Subscribers?** —

**15c. Are the display procedures the same for all Subscribers?** —

**16a. Are orders or other messages routed out of the ATS?** —

**17a. Is there any difference between the treatment of order and trading interest based on source?** —

**17b. Is the treatment the same for all Subscribers?** —

**18a. Does the ATS execute trades outside of its regular trading hours?** —

**19a. Fees:**
—

**19b. Bundled Services/Fees:**
—

**19c. Rebates and Discounts:**
—

**20a. Suspension of Trading Procedures:**
—

**20b. Are these procedures the same for all Subscribers?** —

**21a. Trade Reporting Arrangements:**
—

**21b. Are these arrangements the same for all Subscribers?** —

**22a. Clearance and Settlement Arrangements:**
—

**22b. Are these arrangements the same for all Subscribers?** —

**23a. Market Data Sources:**
—

**23b. Are these sources the same for all Subscribers?** —

**24a. Does the ATS aggregate Subscriber order and trading interest with that of other trading centers?** —

**25a. Did the ATS exceed the volume thresholds of Regulation ATS?** —

**26. Are order flow and execution statistics published?** —