Nasdaq Completes Acquisition of LeveL Markets to Expand Always-On Markets Infrastructure

Nasdaq has acquired LeveL Markets, enhancing its off-exchange equity execution capabilities and market infrastructure.

Quiver AI Summary

Nasdaq has announced the completion of its acquisition of LeveL Markets, LLC, a prominent off-exchange equity execution venue and one of the largest Alternative Trading Systems (ATSs) in the U.S. This acquisition is aligned with Nasdaq's strategy to enhance market infrastructure, meeting the growing demand for seamless access to diverse market services. LeveL Markets, which facilitates significant trading activity with hundreds of millions of shares traded daily, will operate under Nasdaq's Digital Liquidity Networks with its own dedicated management team, continuing to serve its existing clients while benefiting from Nasdaq's technology and market expertise. Nasdaq aims to maintain high execution quality while investing in LeveL Markets to foster future growth and innovation, further strengthening its capability in off-exchange equities.

Potential Positives

Nasdaq has successfully completed its acquisition of LeveL Markets, enhancing its position in the off-exchange equity execution market and strengthening its overall market infrastructure strategy.
The acquisition of LeveL Markets, which is now the third-largest Alternative Trading System (ATS) in the U.S. by trading volume, indicates significant growth potential and a broadened client base for Nasdaq.
Nasdaq plans to invest in LeveL Markets' technology and capabilities, signaling a commitment to long-term growth and innovation within the company.

Potential Negatives

The press release includes a lengthy cautionary note regarding forward-looking statements, indicating potential risks and uncertainties surrounding Nasdaq's ability to successfully integrate LeveL Markets and realize anticipated benefits, which could impact investor confidence.
The statement emphasizes reliance on various assumptions and risks, suggesting a lack of guarantee in future performance, which may raise concerns among stakeholders about the company's future stability and growth prospects.
The requirement for compliance with laws and regulations, including SEC and FINRA oversight, may highlight potential challenges that could hinder operational effectiveness post-acquisition.

FAQ

What is the significance of Nasdaq's acquisition of LeveL Markets?

Nasdaq's acquisition of LeveL Markets enhances its market infrastructure and execution capabilities in off-exchange equity trading.

How does LeveL Markets benefit Nasdaq's clients?

LeveL Markets provides a deeply connected execution platform, improving access to market services for institutional investors.

What technologies will Nasdaq invest in after acquiring LeveL Markets?

Nasdaq plans to invest in LeveL Markets' technology to enhance its execution quality and support long-term growth.

When did Nasdaq first invest in LeveL Markets?

Nasdaq first acquired a minority stake in LeveL Markets in August 2021 as part of its strategy for always-on markets.

What will happen to LeveL Markets post-acquisition?

LeveL Markets will continue to operate as a registered ATS under Nasdaq’s Digital Liquidity Networks with a dedicated management team.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$NDAQ Insider Trading Activity

$NDAQ insiders have traded $NDAQ stock on the open market 18 times in the past 6 months. Of those trades, 1 have been purchases and 17 have been sales.

Here’s a breakdown of recent trading of $NDAQ stock by insiders over the last 6 months:

AB INVESTOR purchased 56,782 shares for an estimated $4,882,116
PC NELSON GRIGGS (Pres. Capital Access Platforms) has made 0 purchases and 5 sales selling 37,116 shares for an estimated $3,504,314.
BRADLEY J PETERSON (EVP, CIO) has made 0 purchases and 3 sales selling 26,710 shares for an estimated $2,477,452.
COHEN TAL (Pres. Market Platforms) sold 15,518 shares for an estimated $1,408,258
JEREMY SKULE (EVP, CSO) has made 0 purchases and 4 sales selling 5,625 shares for an estimated $531,956.
BRYAN EVERARD SMITH (EVP, CPO) has made 0 purchases and 2 sales selling 4,556 shares for an estimated $408,658.
MICHELLE LYNN DALY (SVP, Controller & PAO) has made 0 purchases and 2 sales selling 1,323 shares for an estimated $117,512.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

$NDAQ Revenue

$NDAQ had revenues of $2.5B in Q2 2026. This is an increase of 21.15% from the same period in the prior year.

You can track NDAQ financials on Quiver Quantitative's NDAQ stock page.

You can access data on NDAQ stock through the Quiver Quantitative API.

$NDAQ Congressional Stock Trading

Members of Congress have traded $NDAQ stock 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $NDAQ stock by members of Congress over the last 6 months:

REPRESENTATIVE APRIL MCCLAIN DELANEY has traded it 2 times. They made 1 purchase worth up to $15,000 on 04/24 and 1 sale worth up to $250,000 on 08/25.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.

$NDAQ Hedge Fund Activity

We have seen 512 institutional investors add shares of $NDAQ stock to their portfolio, and 512 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

WELLINGTON MANAGEMENT GROUP LLP removed 5,946,692 shares (-16.4%) from their portfolio in Q2 2026, for an estimated $468,718,263
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ removed 5,800,900 shares (-20.0%) from their portfolio in Q2 2026, for an estimated $457,226,937
JPMORGAN CHASE & CO added 3,655,221 shares (+inf%) to their portfolio in Q2 2026, for an estimated $288,104,519
JANE STREET GROUP, LLC added 2,863,049 shares (+2779.3%) to their portfolio in Q2 2026, for an estimated $225,665,522
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 2,828,483 shares (+inf%) to their portfolio in Q2 2026, for an estimated $222,941,030
BARCLAYS PLC added 1,844,889 shares (+140.5%) to their portfolio in Q2 2026, for an estimated $145,414,150
D. E. SHAW & CO., INC. added 1,669,406 shares (+168.2%) to their portfolio in Q2 2026, for an estimated $131,582,580

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$NDAQ Price Targets

Multiple analysts have issued price targets for $NDAQ recently. We have seen 4 analysts offer price targets for $NDAQ in the last 6 months, with a median target of $103.0.

Here are some recent targets:

Benjamin Budish from Barclays set a target price of $108.0 on 07/09/2026
Patrick O'Shaughnessy from Raymond James set a target price of $113.0 on 07/09/2026
Bill Katz from TD Cowen set a target price of $98.0 on 06/22/2026
Chris Allen from Keefe, Bruyette & Woods set a target price of $97.0 on 04/24/2026

Full Release

NEW YORK, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today 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. This acquisition marks a key milestone in Nasdaq's strategy to advance always-on markets infrastructure, as investors increasingly expect seamless access to market services across venues and asset classes.

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.

"We are pleased to welcome LeveL Markets' clients to Nasdaq and look forward to supporting a seamless transition," said Roland Chai, Head of Nasdaq's Digital Liquidity Networks. "LeveL Markets advances our vision for more connected, always-on markets by adding a scaled off-exchange liquidity platform and execution expertise to Nasdaq’s technology, market capabilities, and client relationships. We will continue to develop LeveL Markets’ strong platform and client communities to drive long-term growth and innovation.”

LeveL Markets will continue to operate as a registered ATS subject to FINRA oversight, with its own dedicated management team under Nasdaq’s Digital Liquidity Networks organization. Nasdaq intends to operate LeveL Markets with the strong execution quality clients expect, while investing in LeveL Markets' technology and capabilities to accelerate long-term growth.

Nasdaq first acquired a minority stake in LeveL Markets in August 2021, as part of a broader always-on strategy, to establish a presence in off-exchange equities and to build an overall capability in alternative market structures.

Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to Nasdaq’s plans, objectives, expectations, and intentions following its completed acquisition of LeveL Markets, including statements concerning integration, client service, technology investment, business opportunities, market development, and potential future products or services. Words such as “will,” “may,” “could,” “expects,” “intends,” “plans,” “believes,” “seeks,” and similar expressions may identify forward-looking statements. These statements are based on management’s current expectations and assumptions and are not guarantees of future performance, and involve risks, uncertainties, and assumptions that could cause actual results to differ materially, including the ability to integrate the businesses and realize anticipated benefits; maintain client, employee, and other business relationships; manage technology, cybersecurity, data-protection, system-resiliency, and operational risks; comply with applicable laws and regulations, including SEC and FINRA requirements; obtain any approvals required for future initiatives; and respond to market, competitive, economic, and regulatory developments. Forward-looking statements speak only as of the date of this communication, and undue reliance should not be placed on them. Nasdaq undertakes no obligation to update them except as required by law. References to potential products, services, markets, or capabilities do not indicate current availability or regulatory approval, and no assurance can be given that any such initiative will be developed or launched.

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn , on X @Nasdaq , or at www.nasdaq.com .

Nasdaq Media Contact:
David Lurie
+1.914.538.0533
[email protected]

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