NEW YORK CITY (dpa-AFX) - Nasdaq, Inc. (NDAQ) on Tuesday said it has agreed to buy LeveL Markets, one of the largest U.S. Alternative Trading Systems (ATS), as part of its strategy to build 'always-on' markets. Terms of the transaction were not disclosed.
LeveL Markets processes hundreds of millions of shares daily and reaches more than 2,500 buy- and sell-side clients.
Following the deal, LeveL Markets will operate within Nasdaq's newly formed Digital Liquidity Networks unit, led by Roland Chai, while maintaining its own management team and regulatory oversight. Nikolaj Kosakewitsch will succeed Chai as head of European Market Services.
The deal is expected to close following the satisfaction of customary closing conditions, including required regulatory approvals.
Nasdaq said that after closing, it plans to invest further in LeveL's technology, client offering and long-term growth, while keeping continuity of operations and execution quality for existing clients.
Nasdaq first invested in the platform in 2021, and it has since grown into the third-largest ATS in the U.S. by trading volume.
Shares of Nasdaq are currently down 0.14 percent, changing hands at $95.49.
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