Nasdaq Acquires LeveL Markets in Bid to Trade Stocks Day and Night

Nasdaq agrees to acquire LeveL Markets for always-on push

Nasdaq has entered a definitive agreement to acquire LeveL Markets, one of the leading off-exchange equity execution venues in the United States. The deal advances Nasdaq's strategy to build always-on markets, where securities trade across more of the day and night. LeveL Markets will keep operating as a trading venue with its own management team after the transaction closes. The announcement adds a scaled execution platform to Nasdaq's market infrastructure business.

LeveL ranks as third-largest US alternative trading system

LeveL Markets is the third-largest alternative trading system (ATS) in the United States by trading volume. An ATS is a regulated venue that matches buy and sell orders away from public exchanges. The platform processes hundreds of millions of shares daily and executes across more than 7,000 symbols. It reaches more than 2,500 buy-side and sell-side clients and serves over 300 institutional buy-side firms. Average daily volume grew 56 percent year over year in 2025. Nasdaq first made a strategic minority investment in LeveL Markets in 2021, and the venue grew further after merging with Luminex in 2022.

Nasdaq folds LeveL into Digital Liquidity Networks unit

Nasdaq will place LeveL Markets inside its newly formed Digital Liquidity Networks organization. The unit combines liquidity platforms, tokenization capabilities, and financial technology products for the digital assets ecosystem. Roland Chai leads the organization and has directed Nasdaq's digital assets strategy since early 2026. LeveL Markets will remain a registered ATS under Financial Industry Regulatory Authority (FINRA) oversight. It will keep its structural separateness and participant confidentiality within the larger company. Nasdaq intends to invest in LeveL Markets' technology and client offering while keeping operations steady.

"The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future – enabling Nasdaq to transform capital market infrastructure with institutional trust, resilience and integrity", 11 August 2026. — Roland Chai, Head of Digital Liquidity Networks, Nasdaq

Nasdaq plans a 23-hour trading day from December

Nasdaq plans to launch a longer weekday trading schedule on 6 December 2026, according to reporting on the announcement. The extended session would let eligible stocks trade across a 23-hour day, split into day and night windows. The company also plans to work with Payward, the parent of exchange Kraken, on tokenized versions of US stocks. That effort targets a launch in 2027 and remains subject to regulatory approval.

Tokenization anchors Nasdaq's always-on markets strategy

The acquisition supports Nasdaq's push toward programmable market infrastructure that blends traditional and tokenized securities. Investors and market participants increasingly want a broader range of liquidity options and market models, Nasdaq said. Tokenization converts ownership of an asset into a digital token that can settle on a blockchain network. Stablecoins often provide the settlement layer for tokenized markets. USDC, a US dollar stablecoin, traded at $1.00 with a $72.1 billion market cap at the time of publication (CoinPaprika, 12 August 2026).

Regulators must clear the undisclosed transaction

Nasdaq did not disclose the financial terms of the transaction. The deal remains subject to customary closing conditions, including required regulatory approvals. Until it closes, Nasdaq and LeveL Markets will continue to operate as separate companies. The company said the acquisition strengthens its ability to support clients as market structure evolves.

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