Nasdaq Completes Acquisition of LeveL Markets to Expand Market Reach
On August 11, 2026, Nasdaq (NDAQ) announced the completion of its acquisition of LeveL Markets, a leading US alternative trading system (ATS). This move aligns with Nasdaq’s strategic push towards its Always-On Markets vision, aiming to extend its influence across liquidity connectivity, capital formation, and market operations.
LeveL Markets ranks as the third-largest ATS by trading volume in the United States, executing trades involving several hundred million shares daily and servicing over 2,500 institutional buy- and sell-side clients. This platform’s scale and technical capabilities support a broad range of institutional trading needs. Nasdaq intends to invest in further technological enhancements and elevate client services to maintain high standards in trading and operational execution.
Rapid Growth Establishes LeveL Markets as a Key Institutional Venue
Nasdaq initially took a strategic minority stake in LeveL Markets in 2021, at which point the platform handled trading across more than 7,000 stock symbols each day. The 2022 merger with Luminex expanded LeveL’s client base to over 300 institutional buy-side firms, integrating more than 15 order and execution management systems. By 2025, LeveL Markets reported a 56% year-over-year increase in average daily trading volume.
LeveL Markets CEO Steve Miele highlighted the benefits of the partnership, stating, "Since collaborating with Nasdaq, our market scale and innovative capabilities have grown considerably. Joining Nasdaq fully will provide greater resources to drive product innovation and broaden global asset class trading opportunities."
Launching Digital Liquidity Networks to Drive Market Modernization
Post-acquisition, LeveL Markets will operate within Nasdaq’s newly formed Digital Liquidity Networks division, retaining its operational independence and participant privacy protections while continuing under FINRA oversight. This group consolidates liquidity platforms, asset tokenization, and fintech services, aiming to establish next-generation, programmable, and continuously accessible market infrastructure.
Roland Chai, who has led Nasdaq’s European Market Services since 2023 and spearheaded its digital asset strategy in early 2026, has been appointed head of the Digital Liquidity Networks. Chai emphasized, "Integrating LeveL Markets strengthens our existing execution platforms and lays the groundwork for future innovation."
Nikolaj Kosakewitsch assumes leadership of Nasdaq’s European Market Services from Chai. Kosakewitsch formerly presided over Nasdaq Copenhagen, with his successor yet to be announced.
Transaction Subject to Regulatory Approval Amid Ongoing Market Developments
The acquisition remains subject to customary closing conditions and regulatory approvals, with both Nasdaq and LeveL Markets continuing to operate independently during this period. Terms of the transaction have not been disclosed. Nasdaq cautions investors about typical risks such as regulatory delays and integration challenges.
As a prominent global market infrastructure provider, Nasdaq’s expanded capabilities through LeveL Markets enhance institutional equity trading services and bolster innovation within its digital asset ecosystem. Balancing integration between traditional and digital market frameworks will remain a key focus for Nasdaq and the wider industry going forward.