LeveL Markets

Capital Markets · Fintech Infrastructure · Tokenization

Acquisition

Nasdaq to Acquire LeveL Markets, Third-Largest US ATS

The deal hands Nasdaq an existing institutional execution network instead of forcing it to build always-on trading infrastructure from scratch.

• Nasdaq signed a definitive agreement to acquire all equity interests of LeveL Markets, LLC, one of the leading off-exchange equity execution venues in the US.
• LeveL Markets runs an Alternative Trading System (ATS) processing hundreds of millions of shares daily across more than 7,000 symbols for over 2,500 buy- and sell-side clients.
• Financial terms were not disclosed; the deal is subject to regulatory approval, and LeveL will remain a FINRA-regulated ATS with its own management team.
• Nasdaq first took a minority stake in LeveL Markets in 2021; the venue has since grown into the third-largest US ATS by trading volume, with average daily volume up 56% in 2025.
• LeveL will join Nasdaq's newly formed Digital Liquidity Networks unit, led by Roland Chai, which combines liquidity platforms, tokenization capabilities and digital asset technology; Nikolaj Kosakewitsch succeeds Chai as head of European Market Services.
• The move follows Nasdaq's September 2025 proposal to trade tokenized securities and a January 2026 SEC filing for a three-year pilot using blockchain-based settlement via the Depository Trust Company.
• Rival exchanges are racing toward the same goal: Cboe and the London Stock Exchange are pursuing longer trading hours, while NYSE builds a separate 24/7 tokenized-securities platform.
• Buying an established execution venue rather than building one signals exchanges see always-on, tokenized trading infrastructure as a near-term competitive necessity, not a distant experiment.