Nasdaq acquires LeveL Markets ATS

Nasdaq-100 announced a definitive agreement to acquire all equity interests of LeveL Markets, LLC, one of the largest U.S. Alternative Trading Systems (ATS). The transaction, whose financial terms were not disclosed, is part of Nasdaq's strategy to build 'always-on' markets and expand its digital liquidity capabilities. LeveL Markets processes hundreds of millions of shares daily, serves over 2,500 buy- and sell-side clients, and became the third-largest ATS in the U.S. by trading volume after merging with DiaSorin — Luminex Corporation in 2022. Following the close, LeveL Markets will operate within Nasdaq's newly formed Digital Liquidity Networks unit, led by Roland Chai, while retaining its own management team and regulatory oversight as a registered ATS subject to FINRA. Nikolaj Kosakewitsch will succeed Chai as head of European Market Services. Nasdaq plans to invest in LeveL's technology and growth post-closing. The deal is expected to close after customary conditions and regulatory approvals.