Nasdaq agrees to acquire LeveL Markets to expand trading infrastructure

Nasdaq has entered into a definitive agreement to purchase all equity interests in LeveL Markets LLC, according to an announcement on August 11, 2026. The strategic move supports the exchange operator’s broader strategy of developing continuous, always-available market infrastructure that bridges traditional and emerging digital assets. Financial terms of the agreement have not been disclosed.

LeveL Markets operates as a US off-exchange equity trading venue and runs one of the leading Alternative Trading Systems in the United States. The platform processes hundreds of millions of shares each day and connects with more than 2,500 buy-side and sell-side clients.

This transaction builds on Nasdaq’s earlier strategic minority investment in LeveL Markets made in 2021. In the years since, the platform has expanded significantly. It now ranks as the third-largest ATS in the US by trading volume, handling activity across more than 7,000 symbols daily. Following its 2022 combination with Luminex, LeveL Markets serves over 300 institutional buy-side firms and reaches its broader client base through more than 15 order and execution management system connections. Average daily volume increased 56 percent year-over-year in 2025, reflecting continued growth in scale and capacity.

Executive perspectives on the acquisition

Leadership from both organizations emphasized the strategic alignment of the transaction. Tal Cohen, President of Nasdaq, noted that markets are changing quickly and generating fresh opportunities for investors, issuers, and participants around the world. He stated that LeveL Markets contributes the necessary scale, connectivity, and institutional relationships to speed Nasdaq’s longer-term growth plans. According to Tal Cohen, combining LeveL’s execution strengths with Nasdaq’s expertise and international presence will improve the company’s capacity to assist clients amid ongoing shifts in market structure.

As part of Nasdaq, he added, LeveL will gain greater capacity to invest in its offerings, open new possibilities for clients across asset classes and regions, and pursue further innovation through collaboration.

After the deal closes, LeveL Markets will continue functioning as a distinct trading venue with its own management team. The venue will remain a registered ATS under FINRA supervision while preserving structural independence, client confidentiality, and operational integrity essential to its institutional role. Until completion, the two companies will continue operating independently.

Integration into Digital Liquidity Networks

The acquired entity will sit within Nasdaq’s newly created Digital Liquidity Networks organization. Digital Liquidity Networks brings together Nasdaq’s existing work in digital assets, market modernization, liquidity platforms, tokenization tools, and related financial technology solutions that support the full trade lifecycle.

Roland Chai described the mission of Digital Liquidity Networks as constructing programmable, continuous market infrastructure grounded in institutional trust, resilience, and integrity, adding that incorporating LeveL’s capabilities will reinforce the current network while opening pathways for future innovation.

Roland Chai, who has directed Nasdaq’s digital assets efforts since early 2026 and previously led European Market Services since 2023, will head the new group. Nikolaj Kosakewitsch has been named to succeed him as Head of European Market Services, effective immediately.

Operational milestones and growth

Nasdaq plans to commit resources to enhancing LeveL’s technology, expanding client services, and supporting long-term expansion, while ensuring current clients experience uninterrupted operations and consistent execution standards. The move aligns with Nasdaq’s efforts to reduce friction, broaden access, and improve efficiency as capital markets become more continuous across asset classes, regions, and instruments.

What to watch next

• Regulatory review and receipt of customary closing conditions.
• Completion of the acquisition agreement between Nasdaq and LeveL Markets.
• Integration milestones of LeveL Markets into the newly formed Digital Liquidity Networks group.