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LeveL Markets, the third-largest U.S. alternative trading system by volume, will operate within a newly formed Nasdaq unit called Digital Liquidity Networks
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Nasdaq $NDAQ announced a definitive agreement to acquire LeveL Markets, one of the largest off-exchange equity trading venues in the U.S., the company said Tuesday. Financial terms were not disclosed.
LeveL Markets runs an Alternative Trading System, or ATS, handling hundreds of millions of shares each day across a client base that spans more than 2,500 buy- and sell-side participants, among them over 300 institutional buy-side firms. The platform's average daily volume grew 56% year over year in 2025, the company said.
