Nasdaq Acquires LeveL Markets to Expand Digital Liquidity

Nasdaq Inc. entered into a definitive agreement on August 11, 2026, to acquire LeveL Markets LLC, the third-largest Alternative Trading System in the United States by volume. The acquisition supports a broader corporate strategy to develop always-on markets and enhance digital liquidity capabilities. While the financial terms of the deal remain undisclosed, Nasdaq intends to invest in the technology and client offerings of LeveL Markets following the close of the transaction.

To integrate the acquisition, Nasdaq established a new organization called Digital Liquidity Networks. Roland Chai will lead this new division, while LeveL Markets will retain its own management team and regulatory oversight. As a result of this reorganization, Nikolaj Kosakewitsch has been appointed President of European Market Services, succeeding Chai in that role.

The deal remains subject to regulatory approvals and customary closing conditions.