Nasdaq has agreed to acquire LeveL Markets, one of the largest off-exchange trading venues in the United States, in a deal the exchange operator says will accelerate its push into "always-on" market infrastructure. Terms of the transaction, announced by Nasdaq on August 11, were not disclosed, and the deal remains subject to customary closing conditions and regulatory approval.
LeveL Markets operates an alternative trading system, or ATS, that executes hundreds of millions of shares daily on behalf of more than 2,500 buy- and sell-side clients, including over 300 institutional buy-side firms, across more than 7,000 symbols. Its average daily volume grew 56% year over year in 2025, making it the third-largest ATS in the country by trading volume - a corner of the market often described as a "dark pool" because orders are not displayed publicly before execution. Nasdaq previously held a minority stake in LeveL Markets dating to a 2021 investment, which the new deal converts into full ownership.
Once the transaction closes, LeveL Markets will sit inside a newly created unit called Digital Liquidity Networks, which Nasdaq says will preserve LeveL's existing management team and operational independence while remaining a FINRA-registered ATS. Roland Chai, who will head the new unit, framed the acquisition as part of a broader bet on infrastructure that operates continuously rather than around traditional exchange hours.
"LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy."
Tal Cohen, President, Nasdaq
Consolidation in off-exchange trading
The deal extends a period of consolidation among the dozens of alternative trading venues that now handle a large share of US equity volume outside the traditional exchanges. Off-exchange trading has steadily gained share of total US stock volume over the past decade, drawing scrutiny from regulators even as institutional investors increasingly route orders there to reduce market impact. By absorbing one of the larger independent ATS operators, Nasdaq adds a meaningful slice of that off-exchange flow to a business that already spans listings, market technology and data services.
LeveL Markets' chief executive, Steve Miele, described Nasdaq as a "valued partner" through the platform's growth and said the two firms "share a commitment to helping clients navigate the next phase of market evolution." Nasdaq has separately been expanding into digital-asset-adjacent infrastructure, and executives characterized the LeveL deal as a step toward bridging traditional equity execution with newer forms of always-available trading rather than a purely defensive consolidation move.
For institutional clients that route flow through LeveL, the near-term question is whether full Nasdaq ownership changes execution quality or pricing once the platform is folded into a larger corporate structure. Nasdaq has pledged continued investment in the venue's technology, and the company's 15-plus existing order- and execution-management-system integrations are expected to remain in place through the transition, though the deal has yet to close.
