The exchange operator is buying the third-largest US dark pool, turning a minority stake into full ownership as off-exchange trading captures a growing slice of equity volume. Nasdaq just agreed to acquire LeveL Markets, the operator of one of the largest dark pools in the US. The deal transforms a relationship that started with a minority investment in 2021 into full ownership of the country’s third-largest alternative trading system by volume. LeveL ATS originally launched back in 2006, giving it nearly two decades of operational history. Why Nasdaq wants to own, not just investPost-acquisition, LeveL will continue operating as a distinct ATS with its own management team.