Nasdaq to Acquire LeveL Markets in Off-Exchange Equity Deal
Nasdaq strikes a deal to buy LeveL Markets, a top U.S. off-exchange equity venue, to advance its always-on markets strategy.
Nasdaq announced Tuesday it has signed a definitive agreement to acquire LeveL Markets, LLC, one of the leading off-exchange equity execution venues in the United States, as the exchange giant moves to expand its footprint across an increasingly continuous global trading landscape.
The deal comes as the line between traditional and digital markets continues to blur, pushing investors and trading firms to demand a wider array of liquidity solutions tailored to varied investment and trading objectives. Nasdaq framed the acquisition as a direct response to that structural shift, positioning LeveL Markets' capabilities as a key building block in its broader always-on markets vision.
Read more Nasdaq Moves to Acquire Trading Venue LeveL Markets →
By folding LeveL Markets into its ecosystem, Nasdaq says it aims to deepen how liquidity is connected, how capital is formed, and how markets function as trading activity moves closer to a round-the-clock model. Off-exchange venues — often called dark pools or alternative trading systems — have gained significant traction in recent years as institutional traders seek execution alternatives beyond lit exchanges, making the target an strategically attractive asset.
The agreement calls for Nasdaq to acquire all equity interests in LeveL Markets, though financial terms of the transaction were not disclosed in the announcement. The move underscores Nasdaq's intent to compete not just as a listings and technology provider, but as a full-spectrum liquidity infrastructure company capable of serving clients wherever and whenever they choose to trade.
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