Full text of LEVEL MARKETS, LLC's X-17A-5 filed 2026-02-27 (period 2025-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ # LeveL Markets, LLC f/k/a Kezar Trading, LLC Statement of Financial Condition Pursuant to Rule 17A-5 under the Securities Exchange Act of 1934 December 31, 2025 {1}------------------------------------------------ #### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # **ANNUAL REPORTS FORMX-17A-5** PART III **FACING PAGE** | OMB<br>APPROVAL | | | |------------------------------------------------------------|--|--| | OMB<br>Number:<br>3235<br>0123<br>Nov. 30,2026<br>Expires: | | | | Estimated<br>average<br>burden | | | | hours<br>per<br>response:<br>12 | | | | SEC<br>FILE<br>NUMER | | | | 8<br>-<br>69476 | | | | | | | | | | | | | | | | | | | | | | | **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **0 1/01 /25** MMIDDNY AND ENDING **12/31 /25** MMIDDNY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: \_\_ L\_e\_v\_e\_L\_M\_ar\_k\_e\_ts\_, \_L\_L\_C\_f\_lkl\_a\_K\_e\_za\_r\_T\_r\_a\_d\_in\_g\_, \_L\_LC \_\_ \_ TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer □ Security-based swap dealer □ Major security-based swap participant □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 10 Post Office Square, 14th Floor (No. and Street) Boston MA (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING 02109 (Zip Code) Michael Stupay (617) 904-3749 michael.stupay@levelats.com (Name) (Area Code -Telephone Number) (Email Address) ### **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* # WithumSmith+Brown, PC | | (Name- if individual, state last, frrst, and middle name) | | | |--------------------------------------------------|-----------------------------------------------------------|---------|-------------------------------------------| | 200 Jefferson Park, Suite 400 | Whippany | NJ | 07981 | | | | (State) | (Zip Code) | | 10/8/03 | | 100 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, ifapplicable) | #### **FOR OFFICIAL USE ONLY** \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240. **l** 7a-5( e )( I )(ii), if applicable…Read the full text as markdown