Nasdaq to acquire LeveL Markets to expand trading network

By Milan Rojan

Nasdaq has entered a definitive agreement to acquire LeveL Markets, a US-based Alternative Trading System (ATS), as the exchange operator has sought to expand its liquidity and execution capabilities for increasingly continuous financial markets.

Tal Cohen, President, Nasdaq, said: “LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy.”

The transaction, will give Nasdaq ownership of all equity interests in LeveL Markets. The ATS has processed hundreds of millions of shares daily and has reached more than 2,500 buy-side and sell-side clients through over 15 order and execution management system integrations.

Following completion, Nasdaq has said it will invest in LeveL Markets’ technology, client offering and long-term growth while maintaining continuity of operations. LeveL Markets has remained a registered ATS subject to FINRA oversight and will continue operating with a dedicated management team within Nasdaq’s newly formed Digital Liquidity Networks (DLN) organisation.

Nasdaq has also launched DLN to bring together its digital assets, tokenisation and market modernisation capabilities. The organisation has been established to develop institutional-grade infrastructure supporting liquidity platforms and financial technology solutions across the digital assets ecosystem.

Roland Chai has been appointed Head of DLN, having previously led Nasdaq’s European Market Services and its digital assets strategy. Nikolaj Kosakewitsch has succeeded Chai as Head of European Market Services.

Nasdaq first made a strategic minority investment in LeveL Markets in 2021. Following its merger with Luminex in 2022, the platform has expanded its institutional network and has become the third-largest ATS in the US by trading volume. Its average daily volume has grown 56% year on year in 2025.

The transaction’s financial terms have not been disclosed. Completion has been made subject to customary closing conditions, including required regulatory approvals.