Nasdaq Agrees to Acquire LeveL Markets

Alternative trading systems match U.S. equity orders away from public exchanges and are widely used by institutions seeking liquidity with less market impact and information leakage. LeveL ATS, launched in 2006, operates as a broker-neutral dark pool. Nasdaq acquired a significant minority stake in the venue on Aug. 2, 2021, joining investors including Bank of America, Citi and Fidelity, making the takeover an expansion of an existing strategic relationship.

Nasdaq said on Aug. 12, 2026, that it had agreed to acquire LeveL Markets, the U.S.-registered broker-dealer that owns and operates the LeveL and Luminex alternative trading systems. The companies did not disclose a purchase price, payment structure or other financial terms. The transaction would deepen Nasdaq’s presence in off-exchange U.S. equities trading by bringing two institutional execution venues under the exchange operator’s ownership.