Nasdaq (Nasdaq: NDAQ) has announced the completion of its acquisition of LeveL Markets, LLC, a leading off-exchange equity execution venue and operator of one of the largest Alternative Trading Systems (ATSs) in the United States. This acquisition marks a key milestone in Nasdaq’s strategy to advance always-on markets infrastructure, as investors increasingly expect seamless access to market services across venues and asset classes.
LeveL Markets provides institutional investors with a scaled, deeply connected execution platform that processes hundreds of millions of shares each day across more than 7,000 symbols. The venue reaches more than 2,500 clients through more than 15 order and execution management system integrations, and its average daily volume grew 56 percent year-over-year in 2025 — making it the third-largest ATS in the United States by trading volume.
“We are pleased to welcome LeveL Markets’ clients to Nasdaq and look forward to supporting a seamless transition,” said Roland Chai, Head of Nasdaq’s Digital Liquidity Networks. “LeveL Markets advances our vision for more connected, always-on markets by adding a scaled off-exchange liquidity platform and execution expertise to Nasdaq’s technology, market capabilities, and client relationships. We will continue to develop LeveL Markets’ strong platform and client communities to drive long-term growth and innovation.”
LeveL Markets will continue to operate as a registered ATS subject to FINRA oversight, with its own dedicated management team under Nasdaq’s Digital Liquidity Networks organization. Nasdaq intends to operate LeveL Markets with the strong execution quality clients expect, while investing in LeveL Markets’ technology and capabilities to accelerate long-term growth.
Nasdaq first acquired a minority stake in LeveL Markets in August 2021, as part of a broader always-on strategy, to establish a presence in off-exchange equities and to build an overall capability in alternative market structures.
Source: Nasdaq
