Nasdaq to Acquire Off-Exchange Venue LeveL Markets

Nasdaq signed a definitive agreement on August 11, 2026 to acquire LeveL Markets LLC, a leading US off-exchange equity execution venue. Terms were not disclosed. Nasdaq framed the deal as advancing its "Always-On Markets" strategy. The move gives a major exchange operator direct ownership of a dark venue — flow that currently bypasses its lit order book. Closing is pending.