Nasdaq moves to acquire LeveL Markets in push for 24-hour trading

The acquisition of LeveL Markets serves as a cornerstone for Nasdaq’s broader Digital Liquidity Networks unit, which aims to integrate tokenized securities with high-volume trading infrastructure. While financial terms remain undisclosed, the transaction follows a trend of regulatory shifts, including SEC approvals earlier this year for extended trading hours and tokenized security frameworks. LeveL, which processes hundreds of millions of shares daily for over 2,500 clients, will continue to operate under FINRA oversight with its existing management team.

Expanding market horizons

Nasdaq’s operational roadmap relies on a sequence of upcoming milestones. The firm has set December 6 for the launch of its 23-hour trading schedule, which will operate between 4 a.m. and 8 p.m. ET, followed by a night session. Simultaneously, the company is advancing its tokenization efforts, with plans to link regulated equity markets to blockchain networks via its xStocks-powered gateway. These initiatives coincide with broader industry preparations, including the DTCC’s scheduled October launch of its tokenization service and an SEC roundtable on overnight trading set for September 17. Following the close of the deal, LeveL will integrate into the Digital Liquidity Networks unit led by Roland Chai to support the development of programmable, always-on market infrastructure.