Nasdaq completes acquisition of LeveL Markets ATS
Nasdaq completed its purchase of LeveL Markets on October 15, 2026, adding a U.S. off-exchange equity venue to its business. LeveL's average daily volume increased 56 percent year-over-year in 2025, ranking it third among U.S. ATSs by trading volume. The platform covers more than 7,000 symbols, reaches more than 2,500 clients through over 15 order and execution-management connections, and will continue operating as a FINRA-supervised registered ATS within Nasdaq's Digital Liquidity Networks organization.
Why it matters
The acquisition gives Nasdaq ownership of a scaled off-exchange trading platform and expands its market-infrastructure offering. Nasdaq says it plans to invest in LeveL's technology and capabilities, while the venue's separate management team and ATS registration remain in place.
Key facts
- 1LeveL Markets' average daily volume rose 56 percent year-over-year in 2025, making it the third-largest U.S. ATS by trading volume. stocktitan.net
- 2The venue handles hundreds of millions of shares each day across more than 7,000 symbols. stocktitan.net
- 3LeveL Markets reaches more than 2,500 clients through over 15 order and execution-management system integrations. stocktitan.net
- 4Nasdaq completed the acquisition on October 15, 2026. stocktitan.net
- 5LeveL Markets will retain its registered ATS status under FINRA oversight and keep a dedicated management team. stocktitan.net
Open questions
- The transaction's financial terms were not disclosed.
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.