Nasdaq Buys LeveL Markets After ATS Volume Jumped 56%

3 articles · Updated · Yahoo Finance · Aug 11

Nasdaq struck a definitive deal to acquire LeveL Markets, a major U.S. off-exchange equity venue, with financial terms undisclosed and closing still subject to regulatory approvals.
LeveL’s ATS handles hundreds of millions of shares daily for more than 2,500 buy- and sell-side participants, including over 300 institutional buy-side firms, giving Nasdaq a larger foothold in digital liquidity networks.
After closing, LeveL will sit inside a new Nasdaq unit called Digital Liquidity Networks, while keeping its own management, structure and participant confidentiality and remaining under FINRA oversight as a registered ATS.
Roland Chai will lead the new unit immediately, with Nasdaq saying it plans to invest further in LeveL’s technology and products to build what it called programmable, always-on market infrastructure.