Nasdaq to Acquire LeveL Markets ATS

Nasdaq has agreed to acquire LeveL Markets, an off-exchange equity execution venue in the United States. Financial terms and a closing timeline were not disclosed.

LeveL Markets operates a scaled, institutionally connected alternative trading system that processes hundreds of millions of shares daily and serves more than 2,500 buy-side and sell-side clients.

Nasdaq first invested in the platform in 2021. The exchange operator said it intends to invest further in LeveL’s technology and client services while maintaining continuity of operations and execution quality for existing clients.

Under the agreement, LeveL will continue operating as a trading venue with its own dedicated management team within Nasdaq’s Digital Liquidity Networks. The platform will retain structural separateness, participant confidentiality and operational integrity.

Nasdaq said the acquisition is intended to support its ‘always-on markets’ strategy and to expand the range of liquidity solutions available to clients as demand for different execution options and market models grows.

Tal Cohen, president of Nasdaq, commented that LeveL’s scale, connectivity and institutional relationships can accelerate Nasdaq’s long-term growth, and that aligning LeveL’s execution capabilities with Nasdaq’s global reach will strengthen support for clients as market structure changes.

No financial terms or a closing date have been disclosed.