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Last week, Nasdaq announced its plans to acquire LeveL Markets, the third-largest alternative trading platform in the US. This acquisition is fully consistent with Nasdaq's strategy of creating an infrastructure for continuous market operations, free from time and calendar constraints.

According to Nasdaq, LeveL Markets processes impressive volumes of hundreds of millions of shares daily and serves more than 2,500 clients. Following the completion of the transaction, the platform will become part of the new Nasdaq Digital Liquidity Networks division, led by Roland Chai. Importantly, LeveL Markets will retain its status as a FINRA-regulated alternative trading system and its own management team. Financial details of the deal are not being disclosed, and its completion is subject to regulatory approval.

The collaboration between Nasdaq and LeveL Markets began in 2021 with the exchange's investment in the platform. Over the years, LeveL Markets has significantly expanded its capacity, now working with over 7,000 instruments and 300 institutional clients. A 56% increase in average daily trading volume this year likely accelerated the decision to fully integrate. For Nasdaq, this not only represents an expansion of its client base but also an opportunity to acquire a ready-to-integrate technological infrastructure for new settlement formats.

The main goal is the transition to programmable markets, where tokenized assets will become the norm. Nasdaq is actively working in this direction, proposing to list tokenized securities as early as September 2025. In January 2026, the SEC published a proposal for the Depository Trust Company to pilot blockchain tokenization and settlement. This will allow shares to exist in both traditional and tokenized forms, paving the way for 24/7 trading.

Nasdaq is also strengthening its partnerships, having signed agreements with Kraken and Backed in March to create a bridge between shares and blockchain networks. Level Markets will become another element of this ecosystem, providing liquidity and trade execution.

Nasdaq is not alone in its pursuit of 24/7 trading. Competitors such as Cboe, the London Stock Exchange, and the New York Stock Exchange are also developing their own solutions. The NYSE, for example, is preparing a separate platform for 24/7 trading of tokenized assets. The SEC announced a roundtable discussion on the transition to continuous trading. SEC Chairman Paul Atkins noted that markets are moving toward a new regime that includes overnight trading.

Data from the RWA.xyz platform confirms interest in tokenized assets: over the past year, the volume of tokenized shares has grown more than sixfold, reaching nearly $2.5 billion.