Nasdaq Agrees To Acquire LeveL Markets To Expand Always-On And Tokenized Markets

Nasdaq (Nasdaq: NDAQ) has entered into a definitive agreement to acquire LeveL Markets, LLC, one of the largest U.S. alternative trading systems, in a deal aimed at expanding Nasdaq’s institutional trading capabilities and advancing its strategy for always-on markets. Financial terms of the transaction were not disclosed. The acquisition is expected to close following regulatory approvals and other customary closing conditions. LeveL Markets operates an institutionally connected off-exchange equity execution platform that processes hundreds of millions of shares daily. The platform reaches more than 2,500 buy-side and sell-side clients. “Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide,” said Tal Cohen, president of Nasdaq. “LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy.” Nasdaq first invested in LeveL Markets as a minority shareholder in 2021. Since then, the platform has grown to become the third-largest U.S. alternative trading system by trading volume, executing across more than 7,000 securities each day. Following its 2022 merger with Luminex, LeveL Markets has expanded to serve more than 300 institutional buy-side firms and reaches more than 2,500 clients through over 15 order and execution management system integrations. The company’s average daily trading volume increased 56% year-over-year in 2025. “Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution,” said Steve Miele, CEO of LeveL Markets. Following completion of the acquisition, Nasdaq plans to invest in LeveL Markets’ technology, client offerings and long-term expansion. LeveL Markets will continue operating as a trading venue with a dedicated management team and will remain a registered ATS under FINRA oversight. Nasdaq said the structure is intended to preserve LeveL Markets’ operational independence, participant confidentiality and execution integrity. LeveL Markets will become part of Nasdaq’s newly formed Digital Liquidity Networks organization, which brings together the company’s liquidity platforms, tokenization capabilities and financial technology solutions supporting digital asset markets. Nasdaq has appointed Roland Chai to lead Digital Liquidity Networks. Chai has headed Nasdaq’s European Market Services organization since 2023 and has led the company’s digital assets strategy since early 2026. “The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future — enabling Nasdaq to transform capital market infrastructure with institutional trust, resilience and integrity,” Chai said. The organization reflects Nasdaq’s broader effort to position itself for a market environment in which traditional and digital markets increasingly converge and trading, capital formation and liquidity become more continuous globally. Nasdaq also announced that Nikolaj Kosakewitsch has been appointed head of European Market Services, succeeding Chai effective immediately. A successor to Kosakewitsch as president of Nasdaq Copenhagen will be announced later. Until the LeveL Markets acquisition closes, the companies will continue operating separately.

Nasdaq’s acquisition of the third-largest US alternative trading system comes as the exchange operator expands into tokenized securities and longer trading hours. Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system in the US by trading volume, as part of its push into tokenized and always-on markets. According to Nasdaq, LeveL Markets processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. The venue will operate within Nasdaq’s new Digital Liquidity Networks unit, led by Roland Chai, who has overseen the company’s digital assets strategy since earlier this year. Nasdaq first invested in LeveL Markets in 2021. The platform has since grown to execute trades across more than 7,000 symbols daily and serves more than 300 institutional buy-side firms, with average daily trading volume increasing 56% in 2025. Tuesday’s announcement said LeveL Markets will remain a FINRA-regulated ATS with its own management team following the acquisition. Financial terms were not disclosed, and the deal remains subject to regulatory approval. Nasdaq said the acquisition will add LeveL’s institutional execution network to its broader push toward programmable, “always-on” markets. The Digital Liquidity Networks unit combines liquidity platforms, tokenization capabilities and digital asset technology. Related:Tokenized RWA surge to $4T may push LINK to $200 by end-2030: Standard Chartered Nasdaq firstproposedallowing tokenized securities to trade on its exchange in September 2025. A January 2026 SECfilingupdating the proposal said eligible stocks and exchange-traded products could trade in tokenized form alongside traditional shares, with Depository Trust Company handling tokenization and blockchain-based settlement through a three-year pilot program. In March, Nasdaq expanded its efforts with apartnershipwith Kraken and tokenization firm Backed to develop infrastructure linking traditional equities with blockchain networks. Other exchange operators are also moving toward longer trading hours.Cboe and the London Stock Exchangeare pursuing similar plans, while the New York Stock Exchange is developing a separate platform for24/7 trading and onchain settlementof tokenized securities. In July, the SEC announced a Sept. 17 roundtable on the shift toward 24-hour US equity trading, with US Securities and Exchange Commission hair Paul Atkins saying, “We are moving towards a new day – and night – in the US equity markets.” Over the past year, the tokenized equities market has grown more than sixfold, with distributed value rising to nearly $2.5 billion today from around $381 million in August 2025, according to RWA.xyz data. Tokenized equities. Souce:RWA.xyz Magazine:Thailand’s 0% crypto tax. Bitcoin Red Team forced to use Chinese AI: Asia Express

What's the deal? Nasdaq has signed a definitive agreement to acquire all equity interests in LeveL Markets, one of the leading off-exchange equity execution venues in the US. The move deepens a relationship that began in 2021, when Nasdaq made a strategic minority investment in the platform. Terms were not disclosed. What each side brings: LeveL Markets runs one of the largest Alternative Trading Systems (ATSs) in the US, processing hundreds of millions of shares daily and reaching more than 2,500 buy-side and sell-side clients. It now ranks as the third-largest ATS in the country by trading volume, executing across more than 7,000 symbols daily. Why now? Nasdaq frames the deal as central to its "always-on markets" strategy, betting that the lines between traditional and digital markets are converging. LeveL Markets' average daily volume grew 56% year over year in 2025. What's the endgame? LeveL Markets will operate within a newly formed Digital Liquidity Networks organization, led by Roland Chai. The unit combines liquidity platforms, tokenization capabilities, and financial technology solutions for the digital assets ecosystem. What changes for customers? After closing, LeveL Markets keeps its own management team and continues as a trading venue with structural separateness and participant confidentiality. It remains a registered ATS under FINRA oversight, and Nasdaq says it will invest in the platform's technology and client offering while maintaining execution quality. "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. Steve Miele, chief executive officer of LeveL Markets, said the company will gain "an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe." The signal: By absorbing a fast-growing off-exchange venue, Nasdaq is positioning itself for continuous, cross-asset trading as tokenization and digital markets edge into the institutional mainstream. Read more: Business Insider Image credit: thetaxhaven

Nasdaq acquires LeveL Markets, a key alternative trading system, as off-exchange volume hits record highs. The deal strengthens the trend toward opacity in financial markets. *** - Nasdaq will buy all of LeveL Markets, a Boston-based dark pool. - Off-exchange trading accounted for 49.9% of total July volume. - LeveL counts investors such as Bank of America, Fidelity, and Citigroup, and Nasdaq already had a stake since 2021. Nasdaq Inc. agreed to buy the entire equity stake in LeveL Markets, an alternative trading system known as a dark pool, to broaden its role in the stock market. The deal was disclosed by people familiar with the matter, according to Bloomberg. What are dark pools and why are they growing? Dark pools are off-exchange trading platforms that allow matching buy and sell orders without revealing prices to the public. Unlike public trading venues, these alternative systems are not required to periodically disclose the same information about their trading systems. Most are run by broker-dealers and overseen by the Financial Industry Regulatory Authority (FINRA). These platforms buy and sell assets on behalf of their clients, in addition to trading for their own account. Institutional investors use dark pools to limit information about their orders from leaking to the market and negatively affecting prices. In this way, they can execute large trades without moving the market against them. Activity on these platforms has risen substantially. In July, internally executed trading at large firms or on alternative platforms accounted for 49.9% of total volume, according to data compiled by Bloomberg. Last year, dark pool trades surpassed half of all volume traded for the first time since records began. This trend marks a deep shift in the structure of the stock market. Historically, public exchanges have been the main meeting point for buyers and sellers of shares. However, in recent years, volume has migrated toward more opaque systems, driven by the need for large investors to minimize their price impact. The trend shows no signs of reversal. The growing adoption of algorithmic strategies and the rise of passive funds have accelerated the move toward off-exchange trading. The Nasdaq deal Nasdaq Inc., the second-largest stock exchange operator in the United States, agreed to buy all equity stakes in LeveL Markets. The alternate trading system is based in Boston and was launched in 2006 with the backing of a group of banks. Terms of the deal were not disclosed at the time, according to people familiar with the matter. A Nasdaq spokesperson declined to comment on the transaction. In 2021, Nasdaq had already made a strategic investment in LeveL, acquiring a stake described as a “significant minority.” Among LeveL’s institutional investors are Bank of America Corp., Fidelity Investments, and Citigroup Inc. The all-cash acquisition will give Nasdaq direct access to a market segment that has been growing steadily. Off-exchange systems offer an anonymous way to process trades away from public trading venues. LeveL uses different mechanisms to match buyers and sellers without showing the desired price on a public exchange. It also uses automated auctions in which parties express the price at which they are willing to buy or sell shares. The deal comes at a time when trading has shifted from venues like Nasdaq and the New York Stock Exchange toward these platforms. The share of dark pool trades reached a record last year. The purchase of LeveL enables Nasdaq to vertically integrate its operations by offering clients an additional avenue for orders to be executed away from the traditional market. This strategy could differentiate it from other competitors that rely solely on public exchanges. Implications for the market With this purchase, Nasdaq expands its role in the stock market by incorporating an off-exchange trading platform. This allows it to diversify its revenue and strengthen its position against competitors. The trend toward dark pools raises questions about market transparency and regulation. Unlike public exchanges, these systems are not required to disclose the same information about their operations. Regulators have shown interest in supervising the growing off-exchange trading volume. FINRA is responsible for overseeing most broker-dealer–run dark pools. For retail investors, increasing activity in these systems could mean less price visibility. However, proponents argue that dark pools improve liquidity and reduce the impact of institutional trading. Nasdaq’s acquisition of LeveL could accelerate consolidation in the alternative trading system sector. It remains to be seen how regulatory authorities will respond to this shift in market structure. The deal also reflects the growing importance of data and technology in the financial industry. Nasdaq will be able to leverage LeveL’s infrastructure to offer more sophisticated services to its institutional clients. In a climate where competition for trading volume is intense, this acquisition could give Nasdaq a strategic edge. Time will tell if this move yields the growth expected in the alternative market. WARNING: DiarioBitcoin provides informational and educational content on various topics, including cryptocurrencies, AI, technology, and regulations. We do not provide financial advice. Investments in cryptoassets are high risk and may not be suitable for everyone. Do your research, consult an expert, and verify applicable laws before investing. You could lose all of your capital.

- Nasdaq enters agreement to acquire a leading U.S. Alternative Trading System, advancing the company’s strategy to provide institutional-grade solutions for always-on markets - Roland Chai appointed Head of newly formed Digital Liquidity Networks organization; Nikolaj Kosakewitsch appointed Head of European Market Services Nasdaq announced that it has entered into a definitive agreement to acquire all the equity interests of LeveL Markets, LLC, one of the leading off-exchange equity execution venues in the United States. As market structure evolves and the boundaries between traditional and digital markets continue to converge, investors and market participants are increasingly seeking a broader range of liquidity solutions and market models that support different investment and trading objectives. LeveL Markets’ capabilities will advance Nasdaq’s broader vision for always-on markets, expanding the company’s role in how liquidity is connected, capital is formed, and markets operate across an increasingly continuous global economy. LeveL Markets operates one of the leading Alternative Trading Systems (ATSs) in the United States, providing a scaled, institutionally connected execution platform that processes hundreds of millions of shares daily and reaches more than 2,500 buy-side and sell-side clients. Following the closing, Nasdaq intends to invest in LeveL Markets’ technology, client offering, and long-term growth while maintaining continuity of operations and execution quality for existing clients. “Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide,” said Tal Cohen, President, Nasdaq. “LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy. By combining LeveL Markets’ execution capabilities with Nasdaq’s expertise and global reach, we are strengthening our ability to support clients as market structure continues to evolve.” Nasdaq first made a strategic minority investment in LeveL Markets in 2021. Since then, the platform has grown into the third-largest ATS in the United States by trading volume, executing across more than 7,000 symbols daily. Following its merger with Luminex in 2022, LeveL Markets serves more than 300 institutional buy-side firms and reaches more than 2,500 clients through more than 15 order and execution management system integrations. LeveL Markets continues to increase the scale and capacity of its platform, with average daily volume growing 56 percent year over year in 2025. “Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution,” said Steve Miele, CEO of LeveL Markets. “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, and continue driving innovation through collaboration.” Following the closing of the transaction, LeveL Markets will continue to operate as a trading venue with its own dedicated management team within Digital Liquidity Networks, maintaining structural separateness, participant confidentiality, and operational integrity that are fundamental to its role in the institutional equity market. LeveL Markets will remain a registered ATS, subject to FINRA oversight. The Digital Liquidity Networks organization, in which LeveL Markets will operate, builds on Nasdaq’s longstanding investments in digital assets and market modernization, bringing together liquidity platforms, tokenization capabilities, and a portfolio of financial technology solutions serving the digital assets ecosystem. These solutions support key market functions across the full trade life cycle. Roland Chai has been appointed to lead the organization. Chai has led Nasdaq’s European Market Services organization since 2023 and has spearheaded the company’s digital assets strategy since early 2026. “The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future – enabling Nasdaq to transform capital market infrastructure with institutional trust, resilience and integrity,” said Roland Chai, Head of Digital Liquidity Networks, Nasdaq. “By bringing LeveL Markets’ capabilities into the organization, we will add a scaled execution platform that strengthens our network today while creating new opportunities for innovation in the years ahead.” Nikolaj Kosakewitsch will succeed Chai as Head of European Market Services, effective immediately. A successor to Kosakewitsch as President of Nasdaq Copenhagen will be announced at a later date. The transaction is expected to close following the satisfaction of customary closing conditions, including required regulatory approvals. Until closing, Nasdaq and LeveL Markets will continue to operate as separate companies. The terms of the transaction have not been disclosed. Source: Nasdaq

August 11, 2026 — 09:05 am EDT Written byNasdaq Newsroom As markets evolve and traditional and digital assets become more connected, investors are looking for more ways to access liquidity and pursue different trading and investment strategies – and Nasdaq is leading that evolution. Today the company announced that it is entering a definitive agreement to acquire LeveL Markets LLC,a leading off-exchange equity execution venue in the United States and operator of LeveL ATS. LeveL Markets provides a scaled, institutionally connected execution platform that reaches more than 2,500 buy-side and sell-side clients. This agreement expands Nasdaq’s ability to serve diverse client needs across the full spectrum of liquidity. Today Nasdaq also announced that it is establishing Digital Liquidity Networks (DLN), which will bring together the company’s expertise in digital assets and market modernization. DLN will build on and expand the capabilities, investments, and solutions Nasdaq has already developed to support market participants as they seek strong standards of resilience, transparency, and trust while increasingly operating in markets beyond traditional exchanges. Roland Chai, who has led Nasdaq’s digital assets strategy since early 2026 and its European Market Services business since 2023, has been appointed to lead DLN. Nikolaj Kosakewitsch has been appointed President of European Market Services, succeeding Chai. “Digital Liquidity Networks is a natural extension of the role Nasdaq has long played in the financial system: helping markets evolve while preserving the confidence, transparency, and integrity that underpin investor trust,” said Chai. Building the Architecture for the Next Era Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide. Bringing these capabilities together creates a significant opportunity for Nasdaq to continue to play a role in reducing friction, expanding access, and making markets more efficient. “Digital assets, tokenized instruments and new forms of market infrastructure are expressions of a broader, accelerating transformation of the architecture of capital markets themselves, one designed to make markets more continuous and accessible across asset classes, geographies, and financial instruments,” said Chai. Nasdaq first acquired a minority stake in LeveL Markets in August 2021, as part of a broader strategic initiative to establish a presence in off-exchange equities and to build capability in alternative market structures. LeveL Markets’ volume grew by 56% between 2024 and 2025, according to the company. The platform now ranks as the third-largest ATS in the United States by volume, executing across more than 7,000 symbols per day and processing hundreds of millions of shares daily. The scale, connectivity, and institutional relationships of LeveL Markets’ combined with Nasdaq’s technology, expertise, and global reach will help strengthen Nasdaq’s ability to support clients as market structure continues to evolve. The creation of DLN extends Nasdaq’s critical role in navigating always-on markets. “We believe the coming decade will bring meaningful changes to market structure,” Chai said. “We see a significant opportunity to help shape that future.” Underpinned by the same principles of transparency, resilience, and investor protection that have made Nasdaq an industry leader, DLN will extend the company’s role across the full capital markets ecosystem. Learn More about Nasdaq’s Definitive Agreement to Acquire LeveL Markets. Cautionary Note Regarding Forward-Looking Statements This communication contains forward-looking information related to Nasdaq and the proposed acquisition of LeveL Markets by Nasdaq that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “will”, “enables”, “intends”, “expected”, “enhances”, “can” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction, the formation and objectives of Digital Liquidity Networks, Nasdaq’s plans, objectives, expectations and intentions, the financial condition, results of operations and business of Nasdaq, and the anticipated timing of closing of the proposed transaction. Risks and uncertainties include, among other things, the risks that required regulatory, antitrust or other governmental approvals or clearances are not obtained, are delayed or are obtained subject to conditions that adversely affect the anticipated benefits of the proposed transaction or the combined business; and the risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; the failure of satisfaction of any closing condition; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management’s attention from Nasdaq’s ongoing business operations; the negative effects of the announcement or the consummation of the proposed transaction on the market price of Nasdaq’s common stock or on Nasdaq’s operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; and the effect of the announcement or pendency of the transaction on Nasdaq’s business relationships, operating results, and business generally; the risks related to information technology, cybersecurity, data protection and system resiliency, including risks arising from the integration of [Powell]’s technology platforms, systems and data with those of Nasdaq; the risk that [Powell]’s information technology, cybersecurity, and compliance programs, policies and infrastructure might be less mature or less robust than Nasdaq’s; risks related to compliance with applicable laws, rules and regulations, including those by the SEC and FINRA; and the risk of increased regulatory scrutiny, examinations, enforcement actions or penalties relating to the proposed transaction or the combined business. 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Mercados Nasdaq está comprando un importante lugar de negociación fuera de bolsa para desarrollar su estrategia de mercados siempre activos. LeveL Markets, el tercer sistema de negociación alternativa más grande de Estados Unidos por volumen, operará dentro de una nueva unidad de Nasdaq llamada Redes de Liquidez Digital. Por Cris Tolomia·2 min de lectura·Actualizado 11 de agosto de 2026 Bloomberg / Getty Images Nasdaq $NDAQ LeveL Markets opera un Sistema de Negociación Alternativo, o ATS, manejando cientos de millones de acciones cada día a través de una base de clientes que abarca a más de 2,500 participantes de compra y venta, entre ellos más de 300 firmas institucionales de compra. El volumen diario promedio de la plataforma creció un 56% año tras año en 2025, dijo la compañía. Después de que se cierre el acuerdo, LeveL Markets estará bajo una nueva entidad creada por Nasdaq llamada Redes de Liquidez Digital, preservando un equipo de gestión dedicado, independencia de estructura y confidencialidad para sus participantes. Seguirá siendo un ATS registrado sujeto a la supervisión de FINRA. Roland Chai, en su rol supervisando los Servicios de Mercado Europeo de Nasdaq desde 2023, ha sido elegido para liderar Redes de Liquidez Digital. Nikolaj Kosakewitsch, quien se desempeña como presidente de Nasdaq Copenhague, está listo para tomar el lugar de Chai en la dirección de los Servicios de Mercado Europeo, un cambio que entra en efecto de inmediato. Un sucesor de Kosakewitsch será anunciado en una fecha posterior, dijo la compañía. "La misión de las Redes de Liquidez Digital es construir la infraestructura de mercado programable y siempre activa del futuro", dijo Chai en un comunicado. Nasdaq realizó por primera vez una inversión estratégica minoritaria en LeveL Markets en 2021, según Una vez finalizada la adquisición, Nasdaq dijo que tiene la intención de dirigir inversiones hacia la tecnología, el conjunto de productos y la trayectoria de crecimiento de LeveL Markets, asegurando que los clientes existentes no experimenten interrupciones en el servicio. La transacción está sujeta a las condiciones de cierre habituales, incluidas las aprobaciones reglamentarias necesarias. Las noticias empresariales esenciales, frescas cada mañana. Únete a más de 500.000 lectores que comienzan su día con Quartz. Al suscribirte, aceptas nuestros Términos de servicio y Política de privacidad. Related Indicadores económicosGoolsbee de la Fed de Chicago dice que la inflación, no el empleo, es el mayor problema de la Fed en este momento.Emerging TechnologiesLa oferta pública inicial de robots humanoides de $900 millones de Unitree Robotics fue sobresuscrita más de 8,000 veces.MercadosJPMorgan se está convirtiendo en el primer banco en patrocinar los Juegos Olímpicos con un acuerdo de nueve cifras.A.I.Anthropic está incrustando marcas de agua invisibles en el texto e imágenes de Claude.MercadosTrump Media registró una pérdida de $238 millones debido a que la caída de los precios de las criptomonedas afectó sus posesiones de Bitcoin. Nasdaq adquiere LeveL Markets ATS en un impulso por los mercados siempre activos.

Nasdaq agrees to acquire LeveL Markets, enhancing liquidity solutions and digital market capabilities. New leadership announced for Digital Liquidity Networks. Quiver AI Summary Nasdaq has announced a definitive agreement to acquire LeveL Markets, LLC, a major U.S. Alternative Trading System, as part of its strategy to enhance institutional-grade liquidity solutions in evolving market environments. This acquisition aims to broaden Nasdaq's role in connecting liquidity and facilitating market operations within the expanding global economy. LeveL Markets is recognized as a leading platform for off-exchange equity execution, handling significant daily trading volume and serving a large client base. Nasdaq intends to invest in LeveL Markets’ technology and client offerings while ensuring operational continuity for existing clients. Following the merger, LeveL Markets will operate under Nasdaq’s newly formed Digital Liquidity Networks, led by Roland Chai, to advance innovation in market infrastructure. The transaction is expected to close pending regulatory approvals. Potential Positives - Nasdaq's acquisition of LeveL Markets significantly enhances its market position by expanding its institutional-grade liquidity solutions and execution capabilities. - This transaction facilitates Nasdaq's strategy to adapt to evolving market structures, promoting continuous global market operations and attracting a broader range of institutional clients. - The integration of LeveL Markets will bolster Nasdaq's existing technology and client offerings, suggesting a commitment to innovation and growth in response to market demands. Potential Negatives - The press release highlights several risks and uncertainties related to the acquisition, including potential delays in obtaining required regulatory approvals, which could adversely affect the anticipated benefits of the transaction. - There is a notable risk that the anticipated benefits from the acquisition may not be realized, or could take longer than expected, casting doubt on the effectiveness of the strategic initiative. - The mention of potential negative effects on Nasdaq's market price and operational results due to the announcement of the transaction suggests vulnerability in the company’s financial stability and investor confidence. FAQ What is the recent acquisition by Nasdaq? Nasdaq announced its agreement to acquire LeveL Markets, a leading U.S. Alternative Trading System, enhancing its trading solutions. Who will lead the new Digital Liquidity Networks organization? Roland Chai has been appointed as the head of the newly formed Digital Liquidity Networks organization at Nasdaq. What are the benefits of the acquisition for clients? The acquisition will enhance liquidity solutions, expand client offerings, and drive innovation in market services for existing and new clients. How does LeveL Markets fit into Nasdaq's strategy? LeveL Markets strengthens Nasdaq's capacity for always-on markets and enhances its ability to meet evolving market structure demands. When is the acquisition expected to close? The transaction is expected to close after satisfying customary closing conditions, including necessary regulatory approvals. Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here. $NDAQ Insider Trading Activity $NDAQ insiders have traded $NDAQ stock on the open market 14 times in the past 6 months. Of those trades, 2 have been purchases and 12 have been sales. Here’s a breakdown of recent trading of $NDAQ stock by insiders over the last 6 months: - AB INVESTOR has made 2 purchases buying 256,782 shares for an estimated $20,717,156 and 0 sales. - ADENA T FRIEDMAN (Chair and CEO) sold 113,611 shares for an estimated $9,706,923 - PC NELSON GRIGGS (Pres. Capital Access Platforms) has made 0 purchases and 4 sales selling 33,890 shares for an estimated $3,194,102. - BRADLEY J PETERSON (EVP, CIO) has made 0 purchases and 2 sales selling 20,710 shares for an estimated $1,904,152. - COHEN TAL (Pres. Market Platforms) sold 15,518 shares for an estimated $1,408,258 - BRYAN EVERARD SMITH (EVP, CPO) has made 0 purchases and 2 sales selling 4,556 shares for an estimated $408,658. - MICHELLE LYNN DALY (SVP, Controller & PAO) has made 0 purchases and 2 sales selling 1,323 shares for an estimated $117,512. To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint. $NDAQ Revenue $NDAQ had revenues of $2.5B in Q2 2026. This is an increase of 21.15% from the same period in the prior year. You can track NDAQ financials on Quiver Quantitative's NDAQ stock page. You can access data on NDAQ stock through the Quiver Quantitative API. $NDAQ Congressional Stock Trading Members of Congress have traded $NDAQ stock 9 times in the past 6 months. Of those trades, 8 have been purchases and 1 have been sales. Here’s a breakdown of recent trading of $NDAQ stock by members of Congress over the last 6 months: - REPRESENTATIVE APRIL MCCLAIN DELANEY has traded it 8 times. They made 8 purchases worth up to $120,000 on 04/24, 03/31, 03/18, 03/10, 03/09, 03/04, 03/03, 02/27 and 0 sales. - SENATOR ALAN ARMSTRONG sold up to $100,000 on 03/27. To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint. $NDAQ Hedge Fund Activity We have seen 509 institutional investors add shares of $NDAQ stock to their portfolio, and 558 decrease their positions in their most recent quarter. Here are some of the largest recent moves: - MASSACHUSETTS FINANCIAL SERVICES CO /MA/ removed 5,800,900 shares (-20.0%) from their portfolio in Q2 2026, for an estimated $457,226,937 - UBS GROUP AG added 3,138,962 shares (+81.5%) to their portfolio in Q1 2026, for an estimated $266,466,484 - FARALLON CAPITAL MANAGEMENT LLC removed 2,989,213 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $253,754,291 - WINSLOW CAPITAL MANAGEMENT, LLC removed 2,568,537 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $218,043,105 - SELECT EQUITY GROUP, L.P. added 1,810,369 shares (+48.2%) to their portfolio in Q1 2026, for an estimated $153,682,224 - FRANKLIN RESOURCES INC removed 1,415,531 shares (-13.4%) from their portfolio in Q1 2026, for an estimated $120,164,426 - WELLINGTON MANAGEMENT GROUP LLP removed 1,380,846 shares (-3.7%) from their portfolio in Q1 2026, for an estimated $117,220,016 To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint. $NDAQ Price Targets Multiple analysts have issued price targets for $NDAQ recently. We have seen 4 analysts offer price targets for $NDAQ in the last 6 months, with a median target of $103.0. Here are some recent targets: - Benjamin Budish from Barclays set a target price of $108.0 on 07/09/2026 - Patrick O'Shaughnessy from Raymond James set a target price of $113.0 on 07/09/2026 - Bill Katz from TD Cowen set a target price of $98.0 on 06/22/2026 - Chris Allen from Keefe, Bruyette & Woods set a target price of $97.0 on 04/24/2026 Full Release - Nasdaq enters agreement to acquire a leading U.S. Alternative Trading System, advancing the company’s strategy to provide institutional-grade solutions for always-on markets - Roland Chai appointed Head of newly formed Digital Liquidity Networks organization; Nikolaj Kosakewitsch appointed Head of European Market Services NEW YORK, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced that it has entered into a definitive agreement to acquire all the equity interests of LeveL Markets, LLC, one of the leading off-exchange equity execution venues in the United States. As market structure evolves and the boundaries between traditional and digital markets continue to converge, investors and market participants are increasingly seeking a broader range of liquidity solutions and market models that support different investment and trading objectives. LeveL Markets’ capabilities will advance Nasdaq's broader vision for always-on markets, expanding the company’s role in how liquidity is connected, capital is formed, and markets operate across an increasingly continuous global economy. LeveL Markets operates one of the leading Alternative Trading Systems (ATSs) in the United States, providing a scaled, institutionally connected execution platform that processes hundreds of millions of shares daily and reaches more than 2,500 buy-side and sell-side clients. Following the closing, Nasdaq intends to invest in LeveL Markets’ technology, client offering, and long-term growth while maintaining continuity of operations and execution quality for existing clients. "Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide," said Tal Cohen, President, Nasdaq. "LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy. By combining LeveL Markets’ execution capabilities with Nasdaq's expertise and global reach, we are strengthening our ability to support clients as market structure continues to evolve." Nasdaq first made a strategic minority investment in LeveL Markets in 2021. Since then, the platform has grown into the third-largest ATS in the United States by trading volume, executing across more than 7,000 symbols daily. Following its merger with Luminex in 2022, LeveL Markets serves more than 300 institutional buy-side firms and reaches more than 2,500 clients through more than 15 order and execution management system integrations. LeveL Markets continues to increase the scale and capacity of its platform, with average daily volume growing 56 percent year over year in 2025. “Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution," said Steve Miele, CEO of LeveL Markets. "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, and continue driving innovation through collaboration.” Following the closing of the transaction, LeveL Markets will continue to operate as a trading venue with its own dedicated management team within Digital Liquidity Networks, maintaining structural separateness, participant confidentiality, and operational integrity that are fundamental to its role in the institutional equity market. LeveL Markets will remain a registered ATS, subject to FINRA oversight. The Digital Liquidity Networks organization, in which LeveL Markets will operate, builds on Nasdaq's longstanding investments in digital assets and market modernization, bringing together liquidity platforms, tokenization capabilities, and a portfolio of financial technology solutions serving the digital assets ecosystem. These solutions support key market functions across the full trade life cycle. Roland Chai has been appointed to lead the organization. Chai has led Nasdaq's European Market Services organization since 2023 and has spearheaded the company's digital assets strategy since early 2026. "The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future – enabling Nasdaq to transform capital market infrastructure with institutional trust, resilience and integrity,” said Roland Chai, Head of Digital Liquidity Networks, Nasdaq. "By bringing LeveL Markets’ capabilities into the organization, we will add a scaled execution platform that strengthens our network today while creating new opportunities for innovation in the years ahead." Nikolaj Kosakewitsch will succeed Chai as Head of European Market Services, effective immediately. A successor to Kosakewitsch as President of Nasdaq Copenhagen will be announced at a later date. The transaction is expected to close following the satisfaction of customary closing conditions, including required regulatory approvals. Until closing, Nasdaq and LeveL Markets will continue to operate as separate companies. The terms of the transaction have not been disclosed. Cautionary Note Regarding Forward-Looking Statements This communication contains forward-looking information related to Nasdaq and the proposed acquisition of LeveL Markets by Nasdaq that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “will”, “enables”, “intends”, “expected”, “enhances”, “can” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction, the formation and objectives of Digital Liquidity Networks, Nasdaq’s plans, objectives, expectations and intentions, the financial condition, results of operations and business of Nasdaq, and the anticipated timing of closing of the proposed transaction. Risks and uncertainties include, among other things, the risks that required regulatory, antitrust or other governmental approvals or clearances are not obtained, are delayed or are obtained subject to conditions that adversely affect the anticipated benefits of the proposed transaction or the combined business; and the risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; the failure of satisfaction of any closing condition; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management’s attention from Nasdaq’s ongoing business operations; the negative effects of the announcement or the consummation of the proposed transaction on the market price of Nasdaq’s common stock or on Nasdaq’s operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; and the effect of the announcement or pendency of the transaction on Nasdaq’s business relationships, operating results, and business generally; the risks related to information technology, cybersecurity, data protection and system resiliency, including risks arising from the integration of LeveL Markets’ technology platforms, systems and data with those of Nasdaq; the risk that LeveL Markets’ information technology, cybersecurity, and compliance programs, policies and infrastructure might be less mature or less robust than Nasdaq’s; risks related to compliance with applicable laws, rules and regulations, including those by the SEC and FINRA; and the risk of increased regulatory scrutiny, examinations, enforcement actions or penalties relating to the proposed transaction or the combined business. About Nasdaq Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn , on X @Nasdaq , or at www.nasdaq.com . About LeveL Markets LeveL Markets is a dynamic securities marketplace and technology solutions provider, and the broker-dealer owner of LeveL ATS. LeveL Markets is dedicated to driving innovation through collaboration with its unique ecosystem of buy- and sell-side clients. LeveL Markets’ innovative approach to serving the investment community is highlighted by LeveL Connect – a robust buy-side connectivity gateway offering trading opportunities in Europe and Canada, and its comprehensive range of customizable tools built to serve both institutional and sell-side communities, including its continuous crossing platform, VWAP trajectory order types, and sophisticated low-latency trading solutions. To learn more, visit LeveLMarkets.com . Nasdaq Media Contact: David Lurie +1.914.538.0533 [email protected] LeveL Markets Media Contact: [email protected] -NDAQF-

Nasdaq has entered an agreement to acquire US alternative trading system (ATS), LeveL Markets. The transaction spans all equity interests of LeveL Markets and is expected to boost Nasdaq’s strategy for always-on markets and enhance the institutional grade solutions provided by the firm. The news comes as demand increases from investors and market participants for a broader range of liquidity solutions and market models, as the bridge between traditional and digital markets continuously converges. Nasdaq has also confirmed that the firm will invest in LeveL Markets’ technology, client offering and long-term growth following completion of the acquisition. “Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide,” said Tal Cohen, president at Nasdaq. “By combining LeveL Markets’ execution capabilities with Nasdaq’s expertise and global reach, we are strengthening our ability to support clients as market structure continues to evolve.” Read more – Nasdaq files SEC proposal for 23/5 US equities trading LeveL Markets will also continue to operate with its own dedicated management team following the transaction, to maintain structural separateness, participant confidentiality and operational integrity. Moreover, the firm will retain its market positioning as a registered ATS. Nasdaq and LeveL Markets first established a relationship in 2021, following a strategic minority investment from Nasdaq. Since then, both firms have continued their collaboration, and in August 2025, LeveL Markets established a connectivity partnership with its ATS Luminex and Nasdaq Canada. The offering is designed to increase client access to Canadian market liquidity and provides Luminex users with connections to Nasdaq Canada’s CDX trading book. Steve Miele, chief executive of LeveL Markets, added: “Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution. “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, and continue driving innovation through collaboration.”

Traders Union All the news Companies The Nasdaq stock is up 1% today All the news Editor’s picks Stocks Cryptocurrencies Economy Currencies Commodities Business and Wealth Market Voices !Sholanke Dele Sholanke Dele 4 hours ago Nasdaq shares rise 1% on the day !Nasdaq shares rise 1% on the day Nasdaq stock is up 1% today Nasdaq is entering into a definitive agreement to acquire LeveL Markets, one of the leading off-exchange stock execution centers in the United States. The stock is up 1% on the day at $95.62. NDAQ price prediction 24H -0.03% $95.46 48H -0.2% $95.3 7D -0.24% $95.26 1M 8.72% $103.82 3M -0.67% $94.85 6M 10.47% $105.49 12M -5.45% $90.29 Detailed Current price: $95.49 -0.1325 0.14% Real-time data 14:02 Daily range 95.16 !Arrow from to Icon 96.10 Weekly range 93.19 !Arrow from to Icon 96.74 Loading... Highlights Nasdaq has reached a definitive agreement to acquire LeveL Markets, one of the leading off-exchange stock execution centers in the U.S. Nasdaq stock is up 1% on the day and trading at $95.62. 56 of 68 analysts rate Nasdaq stock as a buy, and the average price target of $108 is 12.9% above the current price. This article has been translated from the original. Read the original version from our correspondent here. > The tweet was removed by the author. > But we saved everything 🙂. Nasdaq is entering into a definitive agreement to acquire LeveL Markets, an off-exchange stock execution center in the United States. The acquisition aims to boost the company’s broader vision of ever-active markets and expand its role in liquidity provision. Nasdaq employs 9,630 people and has a market value near $52.87 billion, with revenues of $5.61 billion in the trailing twelve months. Buyers push toward weekly highs while elevated activity tests resistance The daily move aligns with the overall bullish chart structure, as price stays above its MA-20, MA-50 and MA-200 moving averages. Nasdaq shares approach the weekly high of $96.67 with the RSI at 63.3, indicating strong buying interest but the advance is beginning to look stretched. Intraday range in the last session was unusually wide, spanning from $94.59 to the weekly high, reflecting elevated activity and participation. Probability of a rise above 80% as traders await a close above resistance To assess whether the latest news is already priced in, traders should look for a close above $96.67 to confirm continuation of buyers. During the most recent session, price moved in a wide range between $94.59 and the weekly high, far exceeding the weekly average range. From here, there is more than an 80% probability of a rise and less than a 20% probability of a drop for the next trading week, with Nasdaq stock expected to range between $94.06 and $97.17. A close above $96.67 would indicate acceptance, while a drop below $93.19 would indicate the move is being rejected. In the weekly chart, the long-term outlook remains constructive. Previously, analysts noted that U.S. equity markets were trading cautiously amid geopolitical risks and high oil prices, with traders watching catalysts to define direction. Nasdaq’s latest acquisition adds a new dimension to the outlook, and a sustained move above $96.67 would mark a decisive breakout for the stock in the near term. Legal notice. While we adhere to strict Editorial Integrity, this publication may contain references to products from our partners. Did you like the article? Thanks for your feedback! 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Nasdaq to acquire LeveL Markets in push toward ‘always-on’ markets Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system in the US by trading volume, as part of its push into tokenized and always-on markets. According to Nasdaq, LeveL Markets processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. The venue will operate within Nasdaq’s new Digital Liquidity Networks unit, led by Roland Chai, who has overseen the company’s digital assets strategy since earlier this year. Nasdaq first invested in LeveL Markets in 2021. The platform has since grown to execute trades across more than 7,000 symbols daily and serves more than 300 institutional buy-side firms, with average daily trading volume increasing 56% in 2025. Tuesday’s announcement said LeveL Markets will remain a FINRA-regulated ATS with its own management team following the acquisition. Financial terms were not disclosed, and the deal remains subject to regulatory approval. Nasdaq said the acquisition will add LeveL’s institutional execution network to its broader push toward programmable, “always-on” markets. The Digital Liquidity Networks unit combines liquidity platforms, tokenization capabilities and digital asset technology. Nasdaq expands push into tokenized, always-on markets Nasdaq first proposed allowing tokenized securities to trade on its exchange in September 2025. A January 2026 SEC filing updating the proposal said eligible stocks and exchange-traded products could trade in tokenized form alongside traditional shares, with Depository Trust Company handling tokenization and blockchain-based settlement through a three-year pilot program. In March, Nasdaq expanded its efforts with a partnership with Kraken and tokenization firm Backed to develop infrastructure linking traditional equities with blockchain networks. Other exchange operators are also moving toward longer trading hours. Cboe and the London Stock Exchange are pursuing similar plans, while the New York Stock Exchange is developing a separate platform for 24/7 trading and onchain settlement of tokenized securities. In July, the SEC announced a Sept. 17 roundtable on the shift toward 24-hour US equity trading, with US Securities and Exchange Commission hair Paul Atkins saying, “We are moving towards a new day – and night – in the US equity markets.” Over the past year, the tokenized equities market has grown more than sixfold, with distributed value rising to nearly $2.5 billion today from around $381 million in August 2025, according to RWA.xyz data. Tokenized equities. Souce: RWA.xyz