Nasdaq has signed a definitive agreement to acquire LeveL Markets, LLC, an off-exchange equity execution venue operating a leading U.S. Alternative Trading System. The transaction advances Nasdaq’s strategy to build always-on market infrastructure while integrating LeveL into a newly formed Digital Liquidity Networks organization.
Financial market structure is undergoing a rapid evolution as traditional trading boundaries converge with digital infrastructure. Nasdaq announced a definitive agreement to acquire all the equity interests of LeveL Markets, LLC on August 11, 2026, positioning the off-exchange venue at the center of its broader expansion into continuous global markets.
Building Out Always-On Trading Infrastructure
LeveL Markets operates one of the leading Alternative Trading Systems in the United States, processing hundreds of millions of shares daily across more than 7,000 symbols. The platform reaches more than 2,500 buy-side and sell-side clients, providing a scaled execution venue for institutional participants. Nasdaq first established a foothold in the company with a strategic minority investment in 2021 before LeveL merged with Luminex in 2022. Since that time, the venue has expanded to serve more than 300 institutional buy-side firms through more than 15 order and execution management system integrations.
The growth trajectory has accelerated significantly in recent years. Platform capacity expanded as average daily volume grew 56 percent year over year in 2025, pushing the venue to become the third-largest ATS in the United States by trading volume. Executing large blocks of stock without disrupting public price action remains a central requirement for institutional asset managers, echoing the broader function of dark pool venues across modern market architecture where roughly 40 to 50 percent of all U.S. equity volume trades off-exchange.
“Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide,”
Tal Cohen, President, Nasdaq
The deal leverages Nasdaq’s established revenue streams, which break down by activity as trading services representing 51% (covering operations execution and managing on shares, derivatives, obligations, commodities, structured products, and exchange-traded funds), the sale of data and market indexes at 25.9%, market software sales at 22.4%, and other operations at 0.7%, alongside brokerage, storage, clearing, settlement, information surveillance, and delivery solutions.
Following the completion of the transaction, LeveL Markets will maintain its status as a registered ATS subject to FINRA oversight. It will operate within a newly formed internal division called Digital Liquidity Networks, maintaining its own dedicated management team to preserve participant confidentiality and operational separation. Roland Chai was appointed Head of the newly formed Digital Liquidity Networks organization, and Nikolaj Kosakewitsch was appointed Head of European Market Services.
Photo: The Manila Times
“LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy. By combining LeveL Markets’ execution capabilities with Nasdaq’s expertise and global reach, we are strengthening our ability to support clients as market structure continues to evolve.”
Daily Dark Pool Levels
Tal Cohen, President, Nasdaq
Executive leadership on both sides emphasized continuity and expansion. Steve Miele, CEO of LeveL Markets, stated, Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution. Miele added, As part of Nasdaq, we will have an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe, and continue driving innovation through collaboration.
With the definitive agreement announced on August 11, 2026, the transaction moves toward closing. Nasdaq intends to invest directly in LeveL Markets’ underlying technology, client offerings, and long-term growth while ensuring continuity of operations and execution quality for existing clients. The integration will test Nasdaq’s ability to unify digital solutions, traditional liquidity platforms, and off-exchange execution venues under a single digital framework.
