Nasdaq Completes Acquisition of LeveL Markets

Nasdaq Completes Acquisition of LeveL Markets

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Nasdaq (Nasdaq: NDAQ) announced the completion of its acquisition of LeveL Markets, LLC, a leading off-exchange equity execution venue and operator of one of the largest Alternative Trading Systems (ATSs) in the United States. LeveL Markets provides institutional investors with a scaled, deeply connected execution platform that processes hundreds of millions of shares each day across more than 7,000 symbols. The venue reaches more than 2,500 clients through more than 15 order and execution management system integrations, and its average daily volume grew 56 percent year-over-year in 2025, making it the third-largest ATS in the United States by trading volume.

WilmerHale advised LeveL Markets in the transaction.

The team was led by Stephanie Evans, Bill Caporizzo, and Daniel Martin and included Amanda Albert, Leon Greenfield, Jeff Johnson, Kirk Nahra, Andre Owens, Virginia Pavlick, Carla Gilbertson, Reid Carroll, Wei Xiao, Cole Swaffield, Judd Abramson, and Stefanie Collantes-Bouvry.

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