Nasdaq takes a stake in Level ATS
Nasdaq and LeveL ATS announced that Nasdaq has acquired a significant minority stake in LeveL ATS, a leading independent US dark equity fund trading platform. With this investment, the Nasdaq is joining owners such as Bank of America, Citi and Fidelity. Terms of the transaction were not disclosed.
“As one of the most innovative and recognized broker-neutral trading platforms for U.S. equities, LeveL has demonstrated its ability to consistently respond to changing investor needs and serve as a significant source of liquidity. for its members, ”said Tal Cohen, vice president and head of North American markets, Nasdaq. “We are excited to join several leading companies on the seller side to take advantage of Level’s product line and its current market position.
“In a rapidly changing market landscape, our independent operating model has given us the ability to evolve and expand our product and service offerings,” said Whit Conary, CEO of LeveL ATS. “The integration of Nasdaq gives us an even broader avenue for future growth, innovation and an improved customer experience. “
Launched in 2006, Level ATS provides a continuous crossover platform, offering clients the ability to transact seamlessly in a very stable dark pool environment while minimizing information leakage and impact on the market. More recently, Level launched three exclusive volume weighted average price (VWAP) order types, VWAP Block, VWAP Slice and VWAP Full Day.