Nasdaq (NASDAQ: NDAQ) has entered into a definitive agreement to purchase all equity interests in LeveL Markets LLC, a US off-exchange equity trading venue. The deal, announced on August 11, 2026, supports the exchange operator’s broader strategy of developing continuous, always-available market infrastructure that bridges traditional and emerging digital assets.
LeveL Markets runs one of the leading Alternative Trading Systems (ATS) in the United States.
Its platform processes hundreds of millions of shares each day and connects with more than 2,500 buy-side and sell-side clients.
After completing the acquisition, 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.
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.
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.
Combining LeveL’s execution strengths with Nasdaq’s expertise and international presence, he said, will improve the company’s capacity to assist clients amid ongoing shifts in market structure.
Steve Miele, CEO of LeveL Markets, expressed a similar view.
He described Nasdaq as a valued partner in the firm’s development and said both organizations share a focus on helping clients adapt to the next stage of market evolution.
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.
It will sit within Nasdaq’s newly created Digital Liquidity Networks (DLN) organization, while preserving structural independence, client confidentiality, and operational integrity essential to its institutional role.
The venue will remain a registered ATS under FINRA supervision.
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, 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.
Chai described the mission of Digital Liquidity Networks as constructing programmable, continuous market infrastructure grounded in institutional trust, resilience, and integrity.
Incorporating LeveL’s capabilities, he said, will reinforce the current network while opening pathways for future innovation.
The transaction remains subject to customary closing conditions, including necessary regulatory approvals.
Until completion, the two companies will continue operating independently. Financial terms of the agreement have not been disclosed. 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.