Nasdaq Finalizes Acquisition of Off-Exchange Equity Trading Platform LeveL Markets
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Nasdaq announced on October 15, 2026, that it has completed the acquisition of LeveL Markets, LLC, which the company described as a leading platform for off-exchange equity order execution and the operator of one of the largest alternative trading systems (ATS) in the United States. Nasdaq called this completion a key milestone in its strategy to advance continuous market infrastructures as investors increasingly expect seamless access to market services across different platforms and asset classes. LeveL Markets offers institutional investors a high-scale, highly connected execution platform that processes hundreds of millions of shares daily across more than 7,000 symbols. The platform serves over 2,500 clients through more than 15 order and execution management system integrations. Nasdaq reported that LeveL Markets' average daily volume grew 56% year-over-year in 2025, making the platform the third-largest ATS in the United States by trading volume. "We are pleased to welcome LeveL Markets clients to Nasdaq and look forward to facilitating a seamless transition," said Roland Chai, Head of Digital Liquidity Networks at Nasdaq. "LeveL Markets advances our vision of more connected, continuously operating markets by adding a large-scale off-exchange liquidity platform and execution expertise to Nasdaq's technology, market capabilities, and client relationships." Chai added...
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