Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system in the US by trading volume, as part of its push into tokenized and always-on markets. According to Nasdaq, LeveL Markets processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. Nasdaq first invested in LeveL Markets in 2021. Tuesday’s announcement said LeveL Markets will remain a FINRA-regulated ATS with its own management team following the acquisition. The Digital Liquidity Networks unit combines liquidity platforms, tokenization capabilities and digital asset technology.