Nasdaq acquires off-exchange trading venue LeveL to expand market role

Nasdaq just agreed to acquire LeveL Markets, the operator of one of the largest dark pools in the US. The deal transforms a relationship that started with a minority investment in 2021 into full ownership of the country’s third-largest alternative trading system by volume.

The acquisition, announced on August 11, fits neatly into what Nasdaq calls its “Always-On Markets Strategy,” a push to offer institutional-grade execution beyond its traditional lit exchange business.

What LeveL brings to the table

LeveL Markets is not a small operation. The platform processes hundreds of millions of shares every trading day across more than 7,000 symbols, serving a client base of over 2,500 firms. More than 300 of those are institutional buy-side shops, the kind of asset managers and pension funds that move large blocks of stock and desperately want to avoid tipping off the market.

The growth numbers are hard to ignore. LeveL’s average daily trading volume jumped 56% year-over-year in 2025. By July 2026, the venue was executing roughly 9.3 billion shares in a single month, which works out to about 423 million shares per day.

LeveL ATS originally launched back in 2006, giving it nearly two decades of operational history. The platform had already attracted heavyweight backing. When Nasdaq first took its minority position in August 2021, it did so alongside Bank of America and Citi, two of the largest names in institutional finance.

Why Nasdaq wants to own, not just invest

Post-acquisition, LeveL will continue operating as a distinct ATS with its own management team. The financial terms of the deal were not disclosed. The transaction remains subject to customary closing conditions and regulatory approvals, which in the exchange and ATS world can involve scrutiny from the SEC and FINRA.

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