Nasdaq Buys LeveL Markets as Tokenization Push Expands
The deal adds LeveL’s institutional execution network as Nasdaq expands programmable markets and tokenized securities trading.
- On Tuesday, the exchange operator agreed to acquire LeveL Markets, the third-largest alternative trading system, to accelerate its expansion into tokenized and always-on market infrastructure.
- The firm, which first invested in LeveL Markets in 2021, aims to integrate the platform into its Digital Liquidity Networks unit, capitalizing on a market that grew sixfold to nearly $2.5 billion.
- Processing hundreds of millions of shares daily, the platform executes trades across more than 7,000 symbols for over 300 institutional buy-side firms, with average daily trading volume increasing 56% in 2025.
- LeveL Markets will remain a FINRA-regulated ATS with its own management team, operating within the unit led by Roland Chai, who has directed digital assets strategy since earlier this year.
- Competitors including Cboe and the New York Stock Exchange are developing similar platforms, while SEC Commissioner Paul Atkins announced a Sept. 17 roundtable on the shift toward 24-hour equity trading.
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Nasdaq Advances Always-On Markets Strategy With Definitive Agreement to Acquire LeveL Markets
Today the company announced that it is entering a definitive agreement to acquire LeveL Markets LLC, a leading off-exchange equity execution venue in the United States and operator of LeveL ATS. LeveL Markets provides a scaled, institutionally connected execution platform that reaches more than 2,500 buy-side and sell-side clients. This agreement expands Nasdaq’s ability to serve diverse client needs across the full spectrum of liquidity. Today …
Such Cohen, president of Nasdaq, stated that "LiveL provides us with greater flexibility to offer different execution and liquidity services." In 2021, Nasdaq already...
Nasdaq to Acquire LeveL Markets to Expand Always-On Trading
Nasdaq has agreed to acquire LeveL Markets, a major US alternative trading system (ATS), as the exchange operator moves deeper into tokenized and “always-on” trading infrastructure. The deal combines Nasdaq’s push for programmable market structures with LeveL’s institutional execution network, positioning the assets under Nasdaq’s Digital Liquidity Networks unit. Under the terms announced Tuesday, LeveL Markets will keep operating as a FINRA-reg…
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