Nasdaq said it will purchase Leve L Markets, one of the leading off-exchange equity execution venues in the U.S. The acquisition will advance Nasdaq's vision for always-on markets and expand its role in how liquidity is connected and capital is formed. Terms of the transaction were not disclosed.\n\nFollowing the closing, Nasdaq said it would invest in Leve L Markets' technology, client offerings and long-term growth. Leve L Markets will continue to operate as a trading venue with its own dedicated management team within Digital Liquidity Networks, a newly formed organization that maintains structural separateness and participant confidentiality.\n\nDigital Liquidity Networks will be led by Roland Chai, who has helmed Nasdaq's European Market Services organization since 2023.

The acquisition underscores Nasdaq's push toward always-on, interconnected market infrastructure.