Nasdaq has entered an agreement to acquire US alternative trading system (ATS), LeveL Markets.
Tal Cohen
The transaction spans all equity interests of LeveL Markets and is expected to boost Nasdaq’s strategy for always-on markets and enhance the institutional grade solutions provided by the firm.
The news comes as demand increases from investors and market participants for a broader range of liquidity solutions and market models, as the bridge between traditional and digital markets continuously converges.
Nasdaq has also confirmed that the firm will invest in LeveL Markets’ technology, client offering and long-term growth following completion of the acquisition.
“Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide,” said Tal Cohen, president at Nasdaq.
“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.”
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LeveL Markets will also continue to operate with its own dedicated management team following the transaction, to maintain structural separateness, participant confidentiality and operational integrity.
Moreover, the firm will retain its market positioning as a registered ATS.
Nasdaq and LeveL Markets first established a relationship in 2021, following a strategic minority investment from Nasdaq.
Since then, both firms have continued their collaboration, and in August 2025, LeveL Markets established a connectivity partnership with its ATS Luminex and Nasdaq Canada.
The offering is designed to increase client access to Canadian market liquidity and provides Luminex users with connections to Nasdaq Canada’s CDX trading book.
Steve Miele, chief executive of LeveL Markets, added: “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.
“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.”