Nasdaq to Acquire LeveL Markets as It Moves Toward Always-On Trading

Nasdaq is set to acquire LeveL Markets, the third-largest alternative trading system in the United States, according to the source. The move is part of Nasdaq’s broader push toward markets that can operate for longer periods and potentially support more continuous trading activity.

The development matters because it sits at the intersection of traditional market infrastructure and crypto-adjacent changes in how assets may trade. As Nasdaq expands into tokenized securities and longer trading hours, the LeveL Markets acquisition adds another piece to its effort to adapt trading systems for an environment moving beyond standard market sessions.

Alternative trading systems are important venues in US equity market structure, operating outside traditional public exchanges while still serving institutional and market participants. By acquiring a major ATS, Nasdaq is strengthening its position in a segment that could become more relevant as trading access and settlement models evolve.

The deal also comes as tokenized securities remain a growing area of interest for market operators. While the source does not provide details on specific tokenized products or timelines, it frames the acquisition as part of Nasdaq’s push toward “always-on” markets.

For crypto readers, the key takeaway is not that conventional securities markets have become fully 24/7, but that major exchange operators are preparing for infrastructure that may support longer trading windows and tokenized asset formats. Nasdaq’s planned acquisition of LeveL Markets reflects that shift without changing the need for careful regulation, market design and investor protections.