Nasdaq’s acquisition of the third-largest US alternative trading system comes as the exchange operator expands into tokenized securities and longer trading hours.
Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system in the US by trading volume, as part of its push into tokenized and always-on markets.
According to Nasdaq, LeveL Markets processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. The venue will operate within Nasdaq’s new Digital Liquidity Networks unit, led by Roland Chai, who has overseen the company’s digital assets strategy since earlier this year.
Nasdaq first invested in LeveL Markets in 2021. The platform has since grown to execute trades across more than 7,000 symbols daily and serves more than 300 institutional buy-side firms, with average daily trading volume increasing 56% in 2025.
