Nasdaq Buys LeveL Markets as Tokenization Push Expands
The deal adds LeveL’s institutional execution network as Nasdaq expands programmable markets and tokenized securities trading.
- On Tuesday, the exchange operator agreed to acquire LeveL Markets, the third-largest alternative trading system, to accelerate its expansion into tokenized and always-on market infrastructure.
- The firm, which first invested in LeveL Markets in 2021, aims to integrate the platform into its Digital Liquidity Networks unit to capitalize on a market that grew sixfold to nearly $2.5 billion.
- Processing hundreds of millions of shares daily, LeveL Markets executes trades across more than 7,000 symbols and serves more than 300 institutional buy-side firms.
- LeveL Markets will remain a FINRA-regulated ATS with its own management team, operating within the unit led by Roland Chai, who has directed digital assets strategy since earlier this year.
- Competitors including Cboe and the New York Stock Exchange are developing similar platforms, while SEC Commissioner Paul Atkins announced a Sept. 17 roundtable on 24-hour equity trading.
14 Articles
14 Articles
Nasdaq Continues to Build Out Always-On Market Infrastructure with LeveL Markets Acquisition
Nasdaq has agreed to acquire LeveL Markets, operator of one of the largest alternative trading systems (ATSs) for US equities, as part of a broader strategy to build infrastructure for increasingly continuous markets, spanning traditional exchanges, alternative liquidity venues and emerging digital and tokenised assets. The acquisition, announced this week, will bring LeveL’s institutional execution...
Nasdaq Advances Always-On Markets Strategy With Definitive Agreement to Acquire LeveL Markets
Today the company announced that it is entering a definitive agreement to acquire LeveL Markets LLC, a leading off-exchange equity execution venue in the United States and operator of LeveL ATS. LeveL Markets provides a scaled, institutionally connected execution platform that reaches more than 2,500 buy-side and sell-side clients. This agreement expands Nasdaq’s ability to serve diverse client needs across the full spectrum of liquidity. Today …
Such Cohen, president of Nasdaq, stated that "LiveL provides us with greater flexibility to offer different execution and liquidity services." In 2021, Nasdaq already...
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