Nasdaq to Acquire LeveL Markets to Develop 24/7 Markets

cryptonews.ruPubblicato 2026-08-11Pubblicato ultima volta 2026-08-11

Introduzione

Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system (ATS) in the US by trading volume, to advance tokenized markets and 24/7 trading. The platform, which Nasdaq first invested in during 2021, processes hundreds of millions of shares daily and serves over 2,500 clients. Post-acquisition, LeveL Markets will retain its FINRA-regulated ATS status and operate within Nasdaq's new Digital Liquidity Networks division, aimed at programmable, round-the-clock markets. This move is part of Nasdaq's broader strategy to develop tokenized securities markets, building on its 2025 proposal for trading tokenized stocks and its 2026 partnership with Kraken and Backed. Other major exchanges like Cboe, the London Stock Exchange, and the New York Stock Exchange are also pursuing similar 24/7 trading initiatives. The SEC plans a roundtable in September 2026 to discuss the transition to 24-hour US stock trading, reflecting significant market evolution. The tokenized stock market has grown over sixfold in the past year, from approximately $381 million in August 2025 to nearly $2.5 billion.

Nasdaq has agreed to acquire LeveL Markets — the third-largest Alternative Trading System (ATS) in the US by trading volume — to develop tokenized markets and around-the-clock trading.

According to Nasdaq, LeveL Markets processes hundreds of millions of shares daily and serves over 2,500 clients on both sides of the market. The platform will join the new Nasdaq Digital Liquidity Networks division, led by Roland Chai. He has overseen the company's digital asset strategy since the beginning of this year.

Nasdaq first invested in LeveL Markets in 2021. Since then, the platform has expanded: it now executes trades for over 7,000 instruments daily and serves more than 300 institutional buy-side clients. Its average daily trading volume in 2025 grew by 56%.

An announcement released on Tuesday stated that following the acquisition, LeveL Markets will retain its status as a FINRA-regulated Alternative Trading System and its own management team. The financial terms of the deal were not disclosed. It still requires regulatory approval.

Nasdaq stated that it will integrate LeveL's institutional execution network into its broader strategy for developing programmable, around-the-clock markets. The Digital Liquidity Networks division combines liquidity platforms, tokenization solutions, and digital asset technologies.

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Nasdaq Expands Development of Tokenized Markets with 24/7 Trading

Nasdaq first proposed allowing the trading of tokenized securities on its exchange in September 2025. In January 2026, the U.S. Securities and Exchange Commission (SEC) published an updated proposal document. It specified that eligible stocks and exchange-traded products could be traded in tokenized form alongside traditional stocks, with the Depository Trust Company handling blockchain-based tokenization and settlement as part of a three-year pilot program.

In March, Nasdaq advanced this work through a partnership with Kraken and tokenization company Backed to develop infrastructure linking traditional stocks with blockchain networks.

Other exchange operators are also extending 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 on-chain settlement of tokenized securities.

In July, the SEC announced a roundtable on September 17th focused on transitioning to 24/7 stock trading in the US. SEC Chairman Paul Atkins stated: "We are moving toward a new day — and a new night — in U.S. stock markets."

According to RWA.xyz, the tokenized equity market has grown more than sixfold over the past year: the asset value increased from approximately $381 million in August 2025 to nearly $2.5 billion.

Tokenized Equities. Source: RWA.xyz

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Domande pertinenti

QWhat is Nasdaq acquiring according to the article, and what is the stated purpose of this acquisition?

AAccording to the article, Nasdaq is acquiring LeveL Markets, the third-largest US alternative trading system by volume. The stated purpose is to develop tokenized markets and enable continuous, 24/7 trading.

QHow has LeveL Markets grown since Nasdaq first invested in it in 2021?

ASince Nasdaq's initial investment in 2021, LeveL Markets has expanded to now execute trades with over 7,000 instruments daily and serve over 300 institutional buy-side clients. Its average daily trading volume in 2025 grew by 56%.

QWhat is the role of the new Nasdaq Digital Liquidity Networks division, and who is leading it?

AThe Nasdaq Digital Liquidity Networks division combines liquidity platforms, tokenization solutions, and digital asset technologies. It will be led by Roland Chai, who oversees the company's digital asset strategy.

QWhat major step towards 24/7 trading did the SEC announce in July 2026?

AIn July 2026, the SEC announced it will hold a roundtable on September 17 to discuss the transition to 24/7 trading of US stocks. SEC Chair Paul Atkins commented, 'We are moving into a new day — and a new night — for U.S. stock markets.'

QHow has the market for tokenized equities performed over the last year according to RWA.xyz?

AAccording to RWA.xyz, the tokenized equities market grew more than sixfold over the last year, with asset volume increasing from roughly $381 million in August 2025 to nearly $2.5 billion.

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