Nasdaq completes acquisition of alternative trading system LeveL Markets

Financial market operator Nasdaq, Inc. completed its acquisition of LeveL Markets, LLC on October 15, 2026, according to a press statement released on GlobeNewswire. The transaction brings the off-exchange equity execution venue entirely under Nasdaq's corporate control.

LeveL Markets operates an Alternative Trading System in the United States. The business provides institutional investors with access to off-exchange equity trading, serving as an execution venue outside of standard public exchanges.

The final closing completes a transaction process that began several years prior. Nasdaq first acquired a minority stake in LeveL Markets in August 2021 before moving to complete the full purchase.

Off-Exchange Equity Execution

As an Alternative Trading System, LeveL Markets offers equity execution services specifically tailored for institutional market participants. Institutional investors use the venue to gain off-exchange trading access for equities across the United States financial market.

By operating as an off-exchange execution venue, LeveL Markets provides an execution channel alongside traditional public exchanges. Nasdaq's complete ownership of the system expands the exchange operator's direct involvement in off-exchange equity trading.

The deal strengthens Nasdaq's capacity to serve institutional clients seeking off-exchange equity execution. Institutional investors rely on venues such as LeveL Markets to execute equity orders outside of standard public market order books.

Market Infrastructure Strategy

Nasdaq said the transaction aligns with its strategy to advance always-on market infrastructure. The company has focused on developing technology and execution venues that support continuous market operations for institutional traders.

The acquisition also allows Nasdaq to scale its off-exchange equities footprint across the United States financial industry. Bringing LeveL Markets entirely into its business adds a dedicated ATS platform to Nasdaq's overall market services.

The acquisition officially closed on October 15, 2026, according to the GlobeNewswire release. Nasdaq, Inc. and LeveL Markets, LLC finalized the deal following their initial partnership established in August 2021.

With the transaction finalized, LeveL Markets transitions from a minority-owned affiliate to a fully owned component of Nasdaq's off-exchange equities operations.