Nasdaq to Acquire LeveL Markets to Expand Always-On Trading

Nasdaq agreed to acquire LeveL Markets, the third-largest U.S. alternative trading system by trading volume. Financial terms were not disclosed and the transaction remains subject to regulatory approval.

LeveL processes hundreds of millions of shares each day and connects more than 2,500 buy- and sell-side clients. The platform executes trades across more than 7,000 symbols daily and serves over 300 institutional buy-side firms.

The venue reported a 56% increase in average daily trading volume in 2025 compared with the prior period. Nasdaq first invested in LeveL in 2021.

Under the agreement, LeveL will operate inside Nasdaq’s Digital Liquidity Networks unit, led by Roland Chai. LeveL will remain a FINRA-regulated alternative trading system with its own management team while integrating with Nasdaq’s digital assets work.

Nasdaq said it will add LeveL’s institutional execution network to support efforts around continuous, “always-on” markets and tokenized securities that can trade outside traditional hours.

The company proposed allowing tokenized versions of eligible stocks and exchange-traded products to trade alongside traditional shares in September 2025. An updated SEC filing in January 2026 described a three-year pilot under which the Depository Trust Company would handle tokenization and blockchain-based settlement for eligible securities.

Earlier this year Nasdaq announced partnerships to link conventional equities markets with blockchain networks, including agreements with a crypto exchange and a tokenization firm to build supporting infrastructure.

Other market operators are pursuing extended trading hours. Cboe Global Markets and the London Stock Exchange have proposed longer trading windows, and the New York Stock Exchange is developing a separate platform to support 24/7 trading and on-chain settlement of tokenized securities.

The U.S. Securities and Exchange Commission has scheduled a roundtable for Sept. 17 to discuss a shift toward 24-hour trading. SEC chair Paul Atkins commented, “We are moving towards a new day — and night — in the US equity markets.”

Market data show tokenized equity listings grew more than sixfold over the past year, with distributed value rising to nearly $2.5 billion from about $381 million in August 2025. Nasdaq’s purchase of an active ATS that serves institutional clients could add execution and liquidity pathways for tokenized instruments if the pilot and regulatory approvals proceed.

Nasdaq did not disclose the purchase price. LeveL will continue operating as a FINRA-regulated ATS and retain its management team while the companies complete integration and await regulatory clearance.