Nasdaq acquires significant minority stake in Level ATS, an independent U.S. equity dark pool trading platform
Nasdaq (Nasdaq: NDAQ) and ATS LEVEL revealed that the Nasdaq has acquired a significant minority stake in Level ATS, an independent darkpool U.S. equity trading portal.
Thanks to this strategic investment, the Nasdaq would have joined owners such as Bank of America, Citi, as good as loyalty. The terms of the deal have not been shared publicly.
Tal Cohen, Executive Vice President and Head of North American Markets at Nasdaq, said:
“As one of the most innovative and recognized broker-neutral trading platforms for U.S. equities, LeveL has demonstrated its ability to consistently meet the evolving needs of investors and is an important source of liquidity for its members. We are excited to join with several leading companies on the seller side to take advantage of Level’s product line and its current market position.
Pentecost Conary, CEO of Level ATS, noted;
“In a rapidly changing market landscape, our independent operating model has given us the ability to adapt and expand our product and service offerings. The integration of Nasdaq gives us an even wider avenue for future growth, innovation and an improved customer experience. “
Established in 2006, Level ATS provides a continuous crossover platform, enabling clients to engage in transparent transactions in a highly stable dark pool environment while minimizing information leakage and overall market impact.
Recently, LeveL introduced three types of Volume Weighted Average Price (VWAP) proprietary orders including VWAP Block, VWAP Slice and VWAP Full Day.
Adena friedman, CEO of Nasdaq, the world’s second largest exchange with a market capitalization of nearly $ 17 trillion, noted in November 2020 that the COVID-19 pandemic is “fundamentally accelerating” the adoption of software as a service (SaaS) solutions.
According to Friedman, the current environment has also led to increased use of cloud computing platforms and advanced data management solutions.
Friedman had confirmed:
“We absolutely expect this trend to continue as these technologies continue to mature in the years to come. The reasons for the acceleration are numerous and include the ability of these technologies to jointly manage ever-increasing transaction flows while improving the integrity, transparency and inclusiveness of markets around the world. “
Friedman, whose comments came during the Technology for the Future (ToF) Conference, pointed out that financial services and capital markets started adopting APIs quite early. She explained that this has enabled many different interactions between businesses or businesses and the applications that power the global economy.
But Friedman also mentioned that there is still a lot of room to “reimagine the interactions that take place between financial services, as most of the industrial APIs in use today are static and lack the flexibility of modern APIs that have contributed to transform many other industries “.