Overview
- Nasdaq announced a definitive agreement to acquire all equity interests in LeveL Markets on Tuesday, August 11, 2026, and said the deal will place LeveL within a new Digital Liquidity Networks unit.
- LeveL runs one of the largest U.S. alternative trading systems, processing hundreds of millions of shares daily across more than 2,500 buy‑ and sell‑side clients and posting 56% average daily volume growth in 2025.
- After closing, LeveL will continue to operate as a separate, FINRA‑registered ATS with its own management team and participant confidentiality protections, and Roland Chai will lead the new Digital Liquidity Networks unit.
- Nasdaq did not disclose financial terms and said the transaction is subject to customary closing conditions and required regulatory approvals, signaling likely review by the SEC and FINRA.
- Nasdaq said it will invest in LeveL’s technology and product suite after the deal, a move that could deepen institutional execution options but also raises integration, cybersecurity, and compliance risks that could affect clients and market oversight.