Nasdaq Completes Acquisition of LeveL Markets, Advancing its Always-On Vision
The acquired venue processes hundreds of millions of shares daily and reaches more than 2,500 clients.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Nasdaq (NDAQ) has completed its acquisition of LeveL Markets, adding an off-exchange equity execution venue to its marketplace.
LeveL processes hundreds of millions of shares daily across more than 7,000 symbols. Its average daily volume grew 56 percent year-over-year in 2025, making it the third-largest U.S. alternative trading system (ATS) by trading volume. It reaches more than 2,500 clients through more than 15 order and execution management system integrations.
LeveL will continue operating as a registered ATS under FINRA oversight, with dedicated management within Nasdaq’s Digital Liquidity Networks organization. Nasdaq plans to invest in LeveL’s technology and capabilities to support long-term growth and describes the acquisition as advancing its always-on markets strategy. Nasdaq first acquired a minority stake in LeveL in August 2021.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointCompleted LeveL Markets acquisition adds an off-exchange equity execution venue to Nasdaq’s marketplace.
- Minor pointLeveL’s average daily volume grew 56 percent year-over-year in 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Planned investment in LeveL’s technology and capabilities targets long-term growth.
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Transaction adds one of the largest U.S. Alternative Trading Systems to Nasdaq's marketplace, enhancing the company’s ability to connect investors to liquidity across an increasingly continuous and global trading environment
NEW YORK, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced the completion of its acquisition of LeveL Markets, LLC, a leading off-exchange equity execution venue and operator of one of the largest Alternative Trading Systems (ATSs) in the United States. This acquisition marks a key milestone in Nasdaq's strategy to advance always-on markets infrastructure, as investors increasingly expect seamless access to market services across venues and asset classes.
LeveL Markets provides institutional investors with a scaled, deeply connected execution platform that processes hundreds of millions of shares each day across more than 7,000 symbols. The venue reaches more than 2,500 clients through more than 15 order and execution management system integrations, and its average daily volume grew 56 percent year-over-year in 2025 — making it the third-largest ATS in the United States by trading volume.
"We are pleased to welcome LeveL Markets' clients to Nasdaq and look forward to supporting a seamless transition," said Roland Chai, Head of Nasdaq's Digital Liquidity Networks. "LeveL Markets advances our vision for more connected, always-on markets by adding a scaled off-exchange liquidity platform and execution expertise to Nasdaq’s technology, market capabilities, and client relationships. We will continue to develop LeveL Markets’ strong platform and client communities to drive long-term growth and innovation.”
LeveL Markets will continue to operate as a registered ATS subject to FINRA oversight, with its own dedicated management team under Nasdaq’s Digital Liquidity Networks organization. Nasdaq intends to operate LeveL Markets with the strong execution quality clients expect, while investing in LeveL Markets' technology and capabilities to accelerate long-term growth.
Nasdaq first acquired a minority stake in LeveL Markets in August 2021, as part of a broader always-on strategy, to establish a presence in off-exchange equities and to build an overall capability in alternative market structures.
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to Nasdaq’s plans, objectives, expectations, and intentions following its completed acquisition of LeveL Markets, including statements concerning integration, client service, technology investment, business opportunities, market development, and potential future products or services. Words such as “will,” “may,” “could,” “expects,” “intends,” “plans,” “believes,” “seeks,” and similar expressions may identify forward-looking statements. These statements are based on management’s current expectations and assumptions and are not guarantees of future performance, and involve risks, uncertainties, and assumptions that could cause actual results to differ materially, including the ability to integrate the businesses and realize anticipated benefits; maintain client, employee, and other business relationships; manage technology, cybersecurity, data-protection, system-resiliency, and operational risks; comply with applicable laws and regulations, including SEC and FINRA requirements; obtain any approvals required for future initiatives; and respond to market, competitive, economic, and regulatory developments. Forward-looking statements speak only as of the date of this communication, and undue reliance should not be placed on them. Nasdaq undertakes no obligation to update them except as required by law. References to potential products, services, markets, or capabilities do not indicate current availability or regulatory approval, and no assurance can be given that any such initiative will be developed or launched.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
Nasdaq Media Contact:
David Lurie
+1.914.538.0533
David.Lurie@nasdaq.com
-NDAQF-
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Nasdaq acquire in the LeveL Markets deal?
Nasdaq completed the acquisition of LeveL Markets, an off-exchange equity execution venue and registered alternative trading system. LeveL processes hundreds of millions of shares daily across more than 7,000 symbols.
How will LeveL Markets operate after Nasdaq’s acquisition?
LeveL Markets will continue as a registered ATS under FINRA oversight, with its own dedicated management team within Nasdaq’s Digital Liquidity Networks organization. Nasdaq plans to invest in its technology and capabilities to support long-term growth.