Nasdaq to Acquire LeveL Markets, Third-Largest U.S. Dark Pool, in Push for Always-On Digital Markets
Nasdaq to Acquire LeveL Markets, Third-Largest U.S. Dark Pool, in Push for Always-On Digital Markets #
Nasdaq has signed a definitive agreement to acquire LeveL Markets, one of the largest off-exchange equity trading venues in the United States, as the exchange operator works to build continuous, digital-first capital market infrastructure. Financial terms were not disclosed.
LeveL Markets operates a FINRA-regulated Alternative Trading System that processes hundreds of millions of shares across more than 7,000 equity symbols every trading day, making it the third-largest ATS in the country by volume. Its client network spans more than 2,500 buy-side and sell-side firms, including more than 300 institutional buy-side clients, connected through over 15 order and execution management system integrations. The platform’s average daily volume grew 56 percent year-over-year in 2025, according to Nasdaq’s announcement.
The acquisition follows a prior investment relationship. Nasdaq took a strategic minority stake in LeveL Markets in 2021. The platform subsequently merged with fellow ATS operator Luminex in 2022.
“LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy,” said Nasdaq President Tal Cohen in the company’s press release. He added that combining LeveL’s execution capabilities with Nasdaq’s global reach would strengthen its ability to support clients as market structure continues to shift.
LeveL Markets will sit within a newly formed internal unit called Digital Liquidity Networks, which Nasdaq describes as focused on building “programmable, always-on market infrastructure.” Roland Chai, who has led Nasdaq’s European Market Services since 2023 and has driven the company’s digital assets strategy since early 2026, has been appointed to head the new division. Nikolaj Kosakewitsch will step into Chai’s former role overseeing European Market Services, with a successor for Kosakewitsch’s presidency of Nasdaq Copenhagen to be named later.
After closing, Nasdaq intends to invest in LeveL Markets’ technology and client offering while maintaining its structural separation as a registered ATS under FINRA oversight. The two companies will continue to operate independently until regulatory approvals and other customary closing conditions are satisfied.
“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 LeveL Markets CEO Steve Miele.
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