Nasdaq has entered into a definitive agreement to acquire LeveL Markets, one of the largest alternative trading systems in the U.S., as it expands its strategy around always-on markets and institutional liquidity infrastructure.
LeveL Markets operates a scaled off-exchange equity execution venue that processes hundreds of millions of shares per day and reaches more than 2,500 buy-side and sell-side clients.
Nasdaq said the acquisition will strengthen its ability to provide institutional-grade liquidity solutions as traditional and digital market structures increasingly converge.
LeveL Markets is currently the third-largest ATS in the U.S. by trading volume and executes across more than 7,000 symbols each day.
The platform serves more than 300 institutional buy-side firms and reaches its broader client base through more than 15 order and execution management system integrations.
LeveL Markets also posted 56% year-over-year growth in average daily volume during 2025.
Nasdaq first made a strategic minority investment in LeveL Markets in 2021.
The platform subsequently expanded its institutional reach and merged with Luminex in 2022.
Following completion of the acquisition, Nasdaq plans to invest in LeveL Markets’ technology, client offering and long-term growth while maintaining continuity for existing customers.
LeveL Markets will continue operating as a trading venue under its own dedicated management team.
The company will also remain structurally separate within Nasdaq’s newly formed Digital Liquidity Networks organization in order to preserve participant confidentiality and operational integrity.
LeveL Markets will remain a registered ATS subject to FINRA oversight.
Nasdaq is establishing Digital Liquidity Networks to bring together liquidity platforms, tokenization capabilities and financial technology serving digital assets and other emerging market structures.
The organization is intended to support trading and market infrastructure across the full transaction lifecycle while helping Nasdaq develop programmable and increasingly continuous markets.
Roland Chai has been appointed Head of Digital Liquidity Networks.
Chai previously led Nasdaq’s European Market Services organization beginning in 2023 and has spearheaded the company’s digital assets strategy since early 2026.
Nikolaj Kosakewitsch will succeed Chai as Head of European Market Services, effective immediately.
Nasdaq plans to announce a successor to Kosakewitsch as President of Nasdaq Copenhagen at a later date.
The LeveL Markets transaction gives Digital Liquidity Networks an established institutional execution platform with existing scale, connectivity and client relationships.
Nasdaq sees those capabilities as complementary to its investments in digital assets, tokenization and market modernization.
The broader strategy reflects Nasdaq’s view that capital markets are moving toward more continuous operation across asset classes and geographies.
LeveL Markets also brings products including LeveL Connect, a buy-side connectivity gateway offering access to trading opportunities in Europe and Canada.
Its broader offering includes a continuous crossing platform, VWAP trajectory order types and low-latency trading tools serving institutional and sell-side customers.
The transaction is subject to customary closing conditions, including required regulatory approvals.
Until the transaction closes, Nasdaq and LeveL Markets will continue operating as separate companies.
KEY QUOTES:
“Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide. LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy. By combining LeveL Markets’ execution capabilities with Nasdaq’s expertise and global reach, we are strengthening our ability to support clients as market structure continues to evolve.”
Tal Cohen, President Of Nasdaq
“Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution. As part of Nasdaq, we will have an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe, and continue driving innovation through collaboration.”
Steve Miele, CEO Of LeveL Markets
“The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future, enabling Nasdaq to transform capital market infrastructure with institutional trust, resilience and integrity. By bringing LeveL Markets’ capabilities into the organization, we will add a scaled execution platform that strengthens our network today while creating new opportunities for innovation in the years ahead.”
Roland Chai, Head Of Digital Liquidity Networks At Nasdaq
