Named products and pilots
- LeveL Markets acquisition (12 Aug 2026). Nasdaq agreed to acquire LeveL Markets, an ATS with 2,500 institutional clients and average daily volume up 56% year over year in 2025. Nasdaq has held a strategic minority stake in LeveL since 2021. LeveL continues operating as a standalone entity under the new Digital Liquidity Networks division.
- DTC token settlement option. Expected to go live alongside the DTCC's Tokenization Service launch in October 2026.
- Seturion partnership. Tokenised structured products trading across 7 European venues, via Boerse Stuttgart Group, overseen by Roland Chai.
- Nasdaq Calypso. Technology arm work on tokenisation for collateral mobility.
Regulatory perimeter
Nasdaq operates as a registered US national securities exchange under SEC oversight. Its tokenisation push sits alongside the SEC's own tokenised-securities innovation exemption work, still delayed as of August 2026 (see united states).
Open questions
- Whether the LeveL Markets acquisition closes before the DTCC's October 2026 tokenised-Treasury settlement launch, and whether that timing affects which venues get first access.
- Whether Nasdaq's and NYSE's digital-asset strategies are converging, as the LeveL acquisition suggests.