Nasdaq has acquired LeveL Markets, LLC, a Boston-based trading marketplace and technology solutions provider, for an undisclosed amount. The deal brings the operator of the LeveL and Luminex Alternative Trading Systems under Nasdaq’s ownership, expanding the exchange group’s footprint in the U.S. equities trading space.
LeveL Markets, formed in 2022 and formerly branded as Kezar Markets, operates two ATSs that cater to institutional and sell-side trading communities. The company provides a low-cost platform for equities trading, offering services that range from continuous crossing systems to VWAP order types and low-latency trading solutions. Its broker-dealer arm, LeveL Holdings, serves as the legal parent entity for both the LeveL ATS and Luminex ATS.
For Nasdaq, the acquisition adds a complementary set of trading venues and technology capabilities to its existing equities business. The move is aimed at broadening Nasdaq’s ability to serve clients seeking alternative liquidity sources, particularly in an environment where block trading and cost-efficient execution have become more critical. LeveL’s focus on client service and disruptive trading technology aligns with Nasdaq’s efforts to diversify its revenue streams beyond traditional exchange listings and market data.
The transaction is expected to integrate LeveL’s ATS operations into Nasdaq’s broader trading infrastructure, potentially offering clients access to a wider range of execution options. Nasdaq has not disclosed specific integration timelines or whether LeveL’s brand will be retained, but the acquisition is consistent with the company’s pattern of buying specialized trading platforms to enhance its market services portfolio.
With this purchase, Nasdaq gains a foothold in the alternative trading system segment, a space that has seen growing demand from institutions seeking to minimize market impact. The combined entity will likely focus on leveraging LeveL’s technology to strengthen Nasdaq’s position in off-exchange trading, while maintaining the operational independence of the acquired ATSs to preserve their existing liquidity pools.