Nasdaq to acquire LeveL Markets in push toward ‘always-on’ markets
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system (ATS) in the US by trading volume. LeveL Markets will operate under Nasdaq’s newly formed Digital Liquidity Networks unit, which focuses on tokenized and always-on markets. The acquisition aims to enhance Nasdaq’s institutional execution network as part of its broader strategy towards programmable, 24/7 markets.
Why it matters
This acquisition signals Nasdaq’s continued commitment to advancing tokenized securities and expanding trading hours in US markets. It supports Nasdaq’s strategy for digital assets and blockchain integration, reflecting growing industry interest in programmable, always-on equity trading. The move also aligns with regulatory discussions and efforts toward 24/7 market operations.
Key context
Nasdaq first invested in LeveL Markets in 2021, and since then LeveL has grown significantly, increasing average daily trading volume by 56% in 2025. Nasdaq introduced a proposal in September 2025 to allow tokenized securities to trade alongside traditional shares. The SEC is actively engaging on the shift to 24-hour trading through a scheduled roundtable in September 2026. Other exchanges like Cboe, London Stock Exchange, and NYSE are pursuing similar initiatives to extend trading hours and incorporate blockchain technology.
Key numbers and entities
LeveL Markets processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. It executes trades across more than 7,000 symbols daily and serves over 300 institutional buy-side firms. Tokenized equities’ distributed value has grown from around $381 million in August 2025 to nearly $2.5 billion in 2026. Nasdaq’s Digital Liquidity Networks unit is led by Roland Chai.
What remains unclear
Financial terms of the acquisition were not disclosed, and the deal remains subject to regulatory approval. The source does not provide detailed timing for the integration of LeveL Markets into Nasdaq’s platform or specific plans beyond general statements about expanding the always-on and tokenized markets.