Average daily trading volume increased 56% during 2025, making LeveL Markets the third-largest ATS in the United States by trading volume. A New Digital Liquidity Networks DivisionPerhaps the most important announcement was not the acquisition itself but the creation of a new business unit. Nasdaq is establishing a Digital Liquidity Networks organisation that will combine liquidity platforms, tokenization capabilities and digital asset technology under a single leadership structure. His appointment signals that Nasdaq increasingly views digital infrastructure as a core strategic business rather than an experimental initiative. “The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future,” Chai said.