Nasdaq is reported to be acquiring LeveL Markets, a move tied to its stated ambition of building ‘always-on’ markets. The deal, as described, would fold LeveL Markets’ infrastructure into Nasdaq’s broader technology and trading operations.
Details on the transaction’s size, structure, and timeline have not been disclosed. What has been reported is the strategic rationale: Nasdaq wants to move toward continuous, round-the-clock trading capability rather than the traditional exchange schedule tied to business hours.
The phrase ‘always-on markets’ reflects a shift already underway across parts of the financial industry. Crypto exchanges have operated on a 24/7 basis since their inception, allowing traders to buy and sell digital assets at any hour, any day of the week. That model has increasingly put pressure on legacy exchanges, which have historically closed for evenings, weekends, and holidays.
Traditional equity markets in the United States still largely operate within fixed trading windows, even as demand grows for extended or continuous access. Retail trading platforms, institutional desks, and market makers have all pushed for longer hours in recent years. A move by Nasdaq toward always-on infrastructure would mark a significant step in that direction, aligning parts of traditional finance more closely with the operating rhythm of crypto markets.
LeveL Markets’ specific role in that vision has not been detailed in available reporting. Exchange operators frequently acquire smaller trading venues, technology providers, or matching-engine specialists to expand execution capacity or add new market segments. Without further disclosure, it remains unclear whether the acquisition centers on technology, liquidity access, or regulatory infrastructure.
The reported deal arrives amid a wider convergence between traditional market infrastructure and digital-asset trading practices. Major exchange groups have been exploring tokenization, extended trading hours, and blockchain-based settlement in recent years. Nasdaq itself has previously signaled interest in digital-asset custody and related infrastructure services.
An always-on trading model would carry operational implications well beyond convenience. Continuous markets require different risk-management systems, since price discovery and volatility events can occur outside conventional monitoring windows. Clearing, settlement, and custody arrangements would also need adjustment to support uninterrupted trading cycles.
Regulators have not yet weighed in publicly on Nasdaq’s reported plans. Any expansion of trading hours on a major U.S. exchange would likely draw scrutiny from market-structure regulators, given the potential effects on liquidity, surveillance, and investor protection during off-peak hours.
For now, the reported acquisition of LeveL Markets stands as an early signal of Nasdaq’s direction rather than a finalized blueprint. Additional details, including regulatory filings or official confirmation, would be needed to clarify the deal’s scope and its practical effect on trading schedules.
Sources disagree on this story
This article was published before the reports below were compared. The reporting above stands; what follows is where the published accounts do not agree.
Cointelegraph and crypto.news give conflicting accounts of whether the SEC has approved Nasdaq's tokenized securities plan.
What all sources agree on
- Nasdaq agreed to acquire LeveL Markets, the third-largest US alternative trading system by volume.
- LeveL Markets serves more than 2,500 buy- and sell-side clients, including over 300 institutional buy-side firms, and trades across more than 7,000 symbols daily.
- LeveL's average daily trading volume grew 56% in 2025.
- Financial terms of the deal were not disclosed.
- The transaction is subject to customary closing conditions and required regulatory approvals.
- LeveL will remain a FINRA-regulated ATS with its own management team after closing.
- LeveL will operate within Nasdaq's newly created Digital Liquidity Networks unit, led by Roland Chai.
- Nasdaq first made a minority investment in LeveL Markets in 2021.
Where the reports disagree
1Regulatory status of Nasdaq's tokenized securities plan
Nasdaq first proposed allowing tokenized securities to trade on its exchange in September 2025. A January 2026 SEC filing updating the proposal said eligible stocks and exchange-traded products could trade in tokenized form alongside traditional shares, with Depository Trust Company handling tokenization and blockchain-based settlement through a three-year pilot program.
The SEC approved Nasdaq tokenized securities rules in March, then longer trading hours during April.
What would settle it: The SEC's public order or release approving (or declining to approve) Nasdaq's tokenized securities rule filing.
What to make of it
Treat the LeveL Markets acquisition terms, client base, and volume figures as established across outlets; do not treat the SEC's approval status for Nasdaq's tokenized securities plan as settled until the SEC's own order or filing record is checked.
Market Impact
If confirmed, the acquisition could accelerate the broader industry shift toward extended and continuous trading hours across traditional exchanges. Other exchange operators may face renewed pressure to explore similar infrastructure investments to remain competitive with crypto-native platforms already operating around the clock.
For market participants, any move toward always-on trading would eventually require adjustments to risk monitoring, liquidity planning, and order execution strategies. Institutional investors and market makers would need to reassess staffing and system readiness if continuous trading windows expand beyond current norms.
The reported deal underscores how deeply crypto's 24/7 trading culture is reshaping expectations across traditional finance. Further confirmation and regulatory detail will determine how quickly, and how fully, Nasdaq's always-on ambitions materialize.
Frequently Asked Questions
What is LeveL Markets?
LeveL Markets is a trading venue whose specific business role in Nasdaq's reported acquisition has not been fully detailed in available reporting.
What does 'always-on markets' mean?
It refers to trading systems that operate continuously, without the fixed opening and closing hours used by most traditional exchanges.
Has Nasdaq confirmed the deal officially?
The acquisition has been reported, but full transaction details, including size and timeline, have not been publicly disclosed.
Why would traditional exchanges want to trade around the clock?
Continuous trading matches the model used by crypto exchanges and responds to growing demand from traders and institutions for constant market access.