Nasdaq Completes Acquisition of LeveL Markets

Nasdaq Inc (NASDAQ:NDAQ) has completed its acquisition of LeveL Markets, LLC, an off-exchange equity execution venue and operator of one of the largest Alternative Trading Systems (ATSs) in the United States, the company announced today.

LeveL Markets will continue to operate as a registered ATS under FINRA oversight, with its own dedicated management team within Nasdaq's Digital Liquidity Networks organization. Nasdaq said it intends to maintain the platform's execution quality while investing in its technology and capabilities to accelerate long-term growth.

Roland Chai, Head of Nasdaq's Digital Liquidity Networks, said the company welcomes LeveL Markets' clients and looks forward to supporting a seamless transition. He added that the acquisition advances Nasdaq's vision for more connected, always-on markets by adding a scaled off-exchange liquidity platform and execution expertise to Nasdaq's technology, market capabilities, and client relationships.

Nasdaq first acquired a minority stake in LeveL Markets in August 2021 as part of a broader always-on strategy to establish a presence in off-exchange equities and build capabilities in alternative market structures.