Nasdaq to acquire LeveL Markets in push for extended trading hours

Nasdaq Inc. announced plans to acquire LeveL Markets, the third-largest alternative trading system (ATS) in the U.S., as part of a strategic push to extend trading hours and expand into tokenized securities.

The acquisition underscores Nasdaq’s broader effort to transition toward an "always-on" market model, aligning with growing demand for round-the-clock trading access. LeveL Markets operates as an ATS, a type of non-exchange venue that matches buyers and sellers of securities outside traditional exchange hours.

Financial terms of the deal were not disclosed. Nasdaq did not immediately respond to requests for comment.

The move follows Nasdaq’s recent initiatives to explore longer trading sessions, including extended pre-market and after-hours periods. The exchange operator has also signaled interest in digital asset infrastructure, positioning itself at the intersection of traditional equities and emerging tokenized markets.

LeveL Markets’ platform facilitates trading in equities, exchange-traded funds, and other securities, with a focus on liquidity provision during non-standard hours. Its integration into Nasdaq’s ecosystem could enhance the latter’s ability to offer continuous market access.

Analysts view the acquisition as a step toward normalizing extended trading as a standard market feature, particularly as retail and institutional investors increasingly seek flexibility in execution times. Nasdaq’s existing ATS, Nasdaq BX, will continue operating alongside the newly acquired platform.

The deal remains subject to regulatory approvals, a standard requirement for such transactions in the U.S. financial markets.