Nasdaq has struck a deal to acquire all of LeveL Markets LLC, one of the leading "dark pool", off-exchange, equity execution venues in the United States.
The deal builds on a stake Nasdaq first took in LeveL in 2021, when it took a minority interest in the business, before the operation expanded in a 2022 merger with Luminex.
LeveL processes hundreds of millions of shares daily across more than 7,000 assets and instruments, reaching over 2,500 buy-side and sell-side clients through more than 15 order and execution management system integrations.
"LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy," said Tal Cohen, President of Nasdaq.
Financial terms of the transaction were not disclosed.
Post-close, LeveL will sit inside a newly formed Digital Liquidity Networks unit, intended to retain its own management team, structural separateness and FINRA oversight as a registered ATS.
Roland Chai, who has led Nasdaq's European Market Services since 2023 and its digital assets strategy since early 2026, will head the new organisation.
"As part of Nasdaq, we will have an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe," said LeveL Markets CEO Steve Miele.
