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Nasdaq Acquires LeveL Markets, Expands Digital Liquidity Network

8/12/2026

39 8 Full Breakdown

Summary

Story summary

Nasdaq agreed to acquire all equity interests in LeveL Markets, the third-largest U.S. alternative trading system.
LeveL processes hundreds of millions of shares, serves 2,500+ clients, and posted a 56% volume rise in 2025.
Nasdaq will add LeveL to its Digital Liquidity Networks unit, invest in its technology under Roland Chai, keep it as a FINRA-regulated ATS with its own team, and make the undisclosed deal subject to regulatory approval.

History

Historical Context

Founded in 1969, Instinet pioneered electronic trading and became the dominant ECN by the late 1990s. After losing market share, it merged with Island ECN in 2002, creating Inet, which Nasdaq acquired for $1.9 billion in 2005. The deal added roughly 1.2 million daily orders and spurred further consolidation, exemplified by Nasdaq’s 2025 purchase of LeveL Markets.

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Story summary

Nasdaq agreed to acquire all equity interests in LeveL Markets, the third-largest U.S. alternative trading system.
LeveL processes hundreds of millions of shares, serves 2,500+ clients, and posted a 56% volume rise in 2025.
Nasdaq will add LeveL to its Digital Liquidity Networks unit, invest in its technology under Roland Chai, keep it as a FINRA-regulated ATS with its own team, and make the undisclosed deal subject to regulatory approval.

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