Nasdaq Agrees to Buy LeveL Markets in Always-On Trading Push

LeveL Markets operates one of the largest U.S. equity alternative trading systems, or ATSs, using dark-pool technology to match institutional orders while limiting market impact and information leakage. Nasdaq has held a minority stake since 2021. Full ownership would give the exchange operator a direct liquidity venue to connect conventional equities with tokenized securities and near-continuous trading, a strategic priority as global investors seek access beyond regular U.S. market hours.

Nasdaq said on Aug. 12, 2026, it agreed to acquire LeveL Markets, the third-largest U.S. ATS by trading volume, and fold the business into its Digital Liquidity Network. Financial terms were not disclosed, and the transaction remains subject to regulatory approval. The acquisition comes as Nasdaq prepares to launch 23-hour-a-day, five-day-a-week stock trading on Dec. 6, supporting its broader push into regulated tokenized equities and always-on market infrastructure.