Nasdaq acquires LeveL Markets ATS in always-on markets push

Nasdaq announced a definitive statement to get LeveL Markets, 1 of the largest off-exchange equity trading venues successful the U.S., the institution said Tuesday. Financial presumption were not disclosed.

LeveL Markets runs an Alternative Trading System, oregon ATS, handling hundreds of millions of shares each time crossed a lawsuit basal that spans much than 2,500 buy- and sell-side participants, among them implicit 300 organization buy-side firms. The platform's mean regular measurement grew 56% twelvemonth implicit twelvemonth successful 2025, the institution said.

After the woody closes, LeveL Markets volition beryllium housed nether a recently created Nasdaq entity called Digital Liquidity Networks, preserving a dedicated absorption team, independency of structure, and confidentiality for its participants. It volition stay a registered ATS taxable to oversight by FINRA.

Roland Chai, successful his relation overseeing Nasdaq's European Market Services since 2023, has been tapped to pb Digital Liquidity Networks. Nikolaj Kosakewitsch, who serves arsenic president of Nasdaq Copenhagen, is acceptable to instrumentality implicit from Chai successful starring European Market Services, a alteration that takes effect immediately. A successor to Kosakewitsch volition beryllium announced astatine a aboriginal date, the institution said.

"The ngo of Digital Liquidity Networks is to physique the programmable, always-on marketplace infrastructure of the future," Chai said successful a statement.

Nasdaq archetypal made a strategical number concern successful LeveL Markets successful 2021, according to The Wall Street Journal. LeveL Markets subsequently merged with Luminex successful 2022, aft which the level grew to its existent lawsuit base.

Once the acquisition is finalized, Nasdaq said it intends to nonstop concern toward LeveL Markets' technology, merchandise suite, and maturation trajectory, ensuring existing clients acquisition nary disruption to service.

The transaction is taxable to customary closing conditions, including required regulatory approvals.