Nasdaq Invests in Always-On Markets
Nasdaq launched Eqlipse Digital to connect tokenized markets and invested in One Trading, a 24/7 European trading venue. Nasdaq Ventures also acquired LeveL Markets, a U.S. ATS. Nasdaq plans to expand 23/5 trading of U.S. equities by December 2026. One Trading offers perpetual futures and equity futures trading, with real-time margin and settlement.
How this was made

The 30-second read
Why it matters
The moves signal Nasdaq's strategic push into always‑on markets, potentially attracting new volume and enhancing its competitive position.
Market read
Nasdaq's initiatives could broaden its product suite, attract new participants, and drive modest upside for its stock.
What to watch
Potential delays in regulatory approvals for tokenized assets and the competitive response from other exchanges.
Background
Nasdaq is rolling out a new digital platform (Eqlipse Digital) to enable tokenized assets and 24/7 trading, investing in One Trading and completing the acquisition of LeveL Markets.
Ticker impact
Nasdaq announced the launch of Eqlipse Digital, its investment in One Trading, and the acquisition of LeveL Markets, expanding always‑on market infrastructure.
likely upward pressure as the market prices in the growth of Nasdaq's infrastructure and acquisition synergies
Nasdaq is a large, well‑known exchange; new product launches and acquisitions that broaden its service offering typically boost investor sentiment.
Market effects
strengthens the market‑infrastructure and exchange services sector, highlighting a shift toward 24/7 digital trading.
primarily U.S. equities markets, with potential spill‑over to European venues via One Trading.
global, as the always‑on model could influence trading practices worldwide.
Counterpoint
The rapid expansion may strain Nasdaq's operational capacity and expose it to regulatory scrutiny, weighing on the stock.
Key entities
- ExchangeNasdaq
U.S. listed exchange operator (ticker NDAQ) launching new digital infrastructure.
- Private CompanyOne Trading
Regulated European 24/7 crypto derivatives venue receiving Nasdaq Ventures investment.
- Private CompanyLeveL Markets
U.S. alternative trading system acquired by Nasdaq.



