Nasdaq Secures LeveL Markets Deal as Part of Round-the-Clock Trading Initiative
The exchange operator's purchase of America's third-biggest alternative trading platform aligns with its strategy to embrace tokenized assets and extended market hours.
The exchange operator Nasdaq has reached an agreement to purchase LeveL Markets, which ranks as the third-biggest alternative trading system in the United States based on trading volume, marking a significant step in the company's transition toward tokenized securities and continuous market operations.
The acquisition brings a platform that handles hundreds of millions of shares on a daily basis and maintains relationships with over 2,500 clients across both the buy-side and sell-side sectors, Nasdaq reports. Following the transaction, LeveL Markets will function as part of Nasdaq's newly established Digital Liquidity Networks division, which operates under the leadership of Roland Chai, who has been directing the organization's digital assets initiatives since the start of this year.
The exchange operator initially made an investment in LeveL Markets back in 2021. Since that time, the trading platform has expanded its operations to process transactions across more than 7,000 different symbols each day and provides services to over 300 institutional buy-side companies, with its average daily trading volume climbing by 56% throughout 2025.
The announcement made on Tuesday indicated that LeveL Markets will continue functioning as a FINRA-regulated ATS under its existing management team once the acquisition is finalized. The companies did not reveal the financial details of the transaction, and the agreement still requires approval from regulatory authorities.
According to Nasdaq, the transaction will incorporate LeveL's institutional execution network into the company's larger initiative toward programmable, continuously operating markets. The Digital Liquidity Networks division brings together liquidity platforms, tokenization infrastructure and digital asset technology under one umbrella.
Nasdaq expands push into tokenized, always-on markets
The exchange operator initially put forward a proposal to permit tokenized securities to be traded on its platform in September 2025. An SEC filing submitted in January 2026 that updated the original proposal indicated that qualifying stocks and exchange-traded products would be able to trade in their tokenized format alongside conventional shares, with the Depository Trust Company managing the tokenization process and blockchain-based settlement through a pilot program spanning three years.
During March, Nasdaq broadened its initiatives through a collaborative arrangement with Kraken and Backed, a tokenization company, to build infrastructure that connects traditional equity markets with blockchain networks.
Additional exchange operators are similarly advancing toward extended trading hours. Both Cboe and the London Stock Exchange are working on comparable initiatives, while the New York Stock Exchange is building a distinct platform designed for round-the-clock trading and onchain settlement of tokenized securities.
During July, the SEC revealed plans for a Sept. 17 roundtable discussion focused on the transition toward 24-hour US equity trading, with US Securities and Exchange Commission hair Paul Atkins stating, "We are moving towards a new day – and night – in the US equity markets."
Throughout the past year, the market for tokenized equities has experienced growth exceeding sixfold, with distributed value climbing to approximately $2.5 billion at present from roughly $381 million in August 2025, based on data from RWA.xyz.
