Full Breakdown
Nasdaq to Acquire LeveL Markets, Launching Digital Liquidity Networks
8/12/2026, 7:54:27 AM
Acquisition Overview
Nasdaq announced a definitive agreement to acquire all equity interests in LeveL Markets LLC, a U.S. alternative trading system (ATS) that provides off-exchange equity execution. The transaction will place LeveL Markets within Nasdaq’s newly created Digital Liquidity Networks (DLN) unit. The deal remains subject to customary closing conditions, including required regulatory approvals, and financial terms have not been disclosed.
Strategic Background
Nasdaq first took a minority stake in LeveL Markets in 2021 as part of its effort to expand into off-exchange equity trading. Since then, LeveL Markets has become the third-largest ATS in the United States, executing across more than 7,000 symbols daily. Volume grew 56 % in 2025, reflecting strong investor demand for “always-on” liquidity that bridges traditional and digital markets.
Key Figures
- Roland Chai – Head of Digital Liquidity Networks, Nasdaq.
- Tal Cohen – President, Nasdaq.
- Steve Miele – CEO, LeveL Markets.
Data & Statistics
- LeveL Markets serves over 2,500 buy-side and sell-side clients.
- 56 % year-over-year volume growth recorded for 2025.
- Ranks as the third-largest U.S. ATS by trading volume.
Official Statements & Responses
Nasdaq officials said combining LeveL Markets’ execution platform with Nasdaq’s technology will strengthen the firm’s ability to support clients as market structure evolves. Tal Cohen noted the acquisition “accelerates our long-term growth strategy.” Steve Miele said the partnership will enable greater investment in solutions and broader opportunities for clients across asset classes. Nasdaq also emphasized that LeveL Markets will retain structural separateness, participant confidentiality, and operational integrity as a registered ATS under FINRA oversight.
Verbatim Quotes
- “Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide,” — Tal Cohen, President, Nasdaq
- “Digital Liquidity Networks is a natural extension of the role Nasdaq has long played in the financial system: helping markets evolve while preserving the confidence, transparency, and integrity that underpin investor trust,” — Roland Chai, Head of Digital Liquidity Networks, Nasdaq
Future Steps
The transaction will close after satisfaction of customary conditions, including FINRA approval. Until closing, Nasdaq and LeveL Markets will operate separately. Post-closing, LeveL Markets will remain a distinct trading venue within DLN, preserving its management team and ATS registration. Nasdaq plans to invest in LeveL Markets’ technology and client offering, while DLN will integrate liquidity platforms and fintech solutions to support “always-on” market infrastructure.
