Nasdaq signed a definitive agreement to acquire LeveL Markets. This transaction follows a minority investment Nasdaq made in the platform in 2021.
LeveL Markets is the third-largest alternative trading system in the United States by volume. The venue processes hundreds of millions of shares daily. It currently provides services to more than 2,500 clients.
Nasdaq will integrate the platform into its Digital Liquidity Networks organization. The acquisition supports Nasdaq’s strategy to expand into always-on markets and diverse liquidity pools.
LeveL Markets will maintain its own management team under FINRA oversight. Financial terms of the deal were not disclosed. The transaction remains subject to regulatory approval.