Nasdaq to acquire LeveL Markets, the third-largest US off-exchange venue
What's the deal? NasdaqDealroom has a profile for this one. Try Dealroom → has signed a definitive agreement to acquire all equity interests in LeveL MarketsDealroom has a profile for this one. Try Dealroom →, one of the leading off-exchange equity execution venues in the US. The move deepens a relationship that began in 2021, when Nasdaq made a strategic minority investment in the platform. Terms were not disclosed.
What each side brings: LeveL Markets runs one of the largest Alternative Trading Systems (ATSs) in the US, processing hundreds of millions of shares daily and reaching more than 2,500 buy-side and sell-side clients. It now ranks as the third-largest ATS in the country by trading volume, executing across more than 7,000 symbols daily.
Why now? Nasdaq frames the deal as central to its "always-on markets" strategy, betting that the lines between traditional and digital markets are converging. LeveL Markets' average daily volume grew 56% year over year in 2025.
What's the endgame? LeveL Markets will operate within a newly formed Digital Liquidity Networks organization, led by Roland Chai. The unit combines liquidity platforms, tokenization capabilities, and financial technology solutions for the digital assets ecosystem.
What changes for customers? After closing, LeveL Markets keeps its own management team and continues as a trading venue with structural separateness and participant confidentiality. It remains a registered ATS under FINRA oversight, and Nasdaq says it will invest in the platform's technology and client offering while maintaining execution quality.
"LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy," said Tal Cohen, president of Nasdaq.
Steve Miele, chief executive officer of LeveL Markets, said the company will gain "an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe."
The signal: By absorbing a fast-growing off-exchange venue, Nasdaq is positioning itself for continuous, cross-asset trading as tokenization and digital markets edge into the institutional mainstream.
Read more: Business Insider
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