• Nasdaq enters agreement to acquire a leading U.S. Alternative Trading System, advancing the company’s strategy to provide institutional-grade solutions for always-on markets   
• Roland Chai appointed Head of newly formed Digital Liquidity Networks organization; Nikolaj Kosakewitsch appointed Head of European Market Services  

Nasdaq announced that it has entered into a definitive agreement to acquire all the equity interests of LeveL Markets, LLC, one of the leading off-exchange equity execution venues in the United States. As market structure evolves and the boundaries between traditional and digital markets continue to converge, investors and market participants are increasingly seeking a broader range of liquidity solutions and market models that support different investment and trading objectives. LeveL Markets’ capabilities will advance Nasdaq’s broader vision for always-on markets, expanding the company’s role in how liquidity is connected, capital is formed, and markets operate across an increasingly continuous global economy.

LeveL Markets operates one of the leading Alternative Trading Systems (ATSs) in the United States, providing a scaled, institutionally connected execution platform that processes hundreds of millions of shares daily and reaches more than 2,500 buy-side and sell-side clients. Following the closing, Nasdaq intends to invest in LeveL Markets’ technology, client offering, and long-term growth while maintaining continuity of operations and execution quality for existing clients.

“Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide,” said Tal Cohen, President, Nasdaq. “LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy. By combining LeveL Markets’ execution capabilities with Nasdaq’s expertise and global reach, we are strengthening our ability to support clients as market structure continues to evolve.”

Nasdaq first made a strategic minority investment in LeveL Markets in 2021. Since then, the platform has grown into the third-largest ATS in the United States by trading volume, executing across more than 7,000 symbols daily. Following its merger with Luminex in 2022, LeveL Markets serves more than 300 institutional buy-side firms and reaches more than 2,500 clients through more than 15 order and execution management system integrations.

LeveL Markets continues to increase the scale and capacity of its platform, with average daily volume growing 56 percent year over year in 2025.

“Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution,” said Steve Miele, CEO of LeveL Markets. “As part of Nasdaq, we will have an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe, and continue driving innovation through collaboration.”

Following the closing of the transaction, LeveL Markets will continue to operate as a trading venue with its own dedicated management team within Digital Liquidity Networks, maintaining structural separateness, participant confidentiality, and operational integrity that are fundamental to its role in the institutional equity market. LeveL Markets will remain a registered ATS, subject to FINRA oversight.

The Digital Liquidity Networks organization, in which LeveL Markets will operate, builds on Nasdaq’s longstanding investments in digital assets and market modernization, bringing together liquidity platforms, tokenization capabilities, and a portfolio of financial technology solutions serving the digital assets ecosystem. These solutions support key market functions across the full trade life cycle. Roland Chai has been appointed to lead the organization. Chai has led Nasdaq’s European Market Services organization since 2023 and has spearheaded the company’s digital assets strategy since early 2026.

“The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future – enabling Nasdaq to transform capital market infrastructure with institutional trust, resilience and integrity,” said Roland Chai, Head of Digital Liquidity Networks, Nasdaq. “By bringing LeveL Markets’ capabilities into the organization, we will add a scaled execution platform that strengthens our network today while creating new opportunities for innovation in the years ahead.”

Nikolaj Kosakewitsch will succeed Chai as Head of European Market Services, effective immediately. A successor to Kosakewitsch as President of Nasdaq Copenhagen will be announced at a later date.

The transaction is expected to close following the satisfaction of customary closing conditions, including required regulatory approvals. Until closing, Nasdaq and LeveL Markets will continue to operate as separate companies. The terms of the transaction have not been disclosed.

Source: Nasdaq