Nasdaq targets 24 hour trading with LeveL acquisition

Nasdaq agreed on Aug. 11 to acquire all equity interests in LeveL Markets LLC, adding one of the largest U.S. alternative trading systems to a broader strategy built around longer trading hours, tokenized securities and digital market infrastructure. Summary Nasdaq agreed to acquire LeveL Markets, the third largest U.S. alternative trading system by volume. LeveL reaches more than 2,500 clients and trades across more than 7,000 symbols each day. Nasdaq created Digital Liquidity Networks to combine tokenization, liquidity platforms and digital asset technology capabilities. The SEC approved Nasdaq tokenized securities rules in March, then longer trading hours during April. LeveL will remain FINRA regulated and separately managed after closing, subject to required regulatory approvals. Financial terms were not disclosed in the company’s release. The deal comes after two major U.S. regulatory approvals for Nasdaq this year. The SEC approved its tokenized securities rules in March and its plan for 23 hour weekday trading in April. Nasdaq now plans to launch the longer trading schedule on Dec. 6, while the newly created Digital Liquidity Networks unit will bring LeveL into the same orga...