Through this investment, Nasdaq joins owners including Bank of America, Citi, and Fidelity. The terms of the transaction were not disclosed.

“As one of the most innovative and well recognized broker-neutral trading platforms across US equities, LeveL has demonstrated the ability to consistently meet the evolving needs of investors and serve as an important source of liquidity for its members,” said Tal Cohen, Executive Vice President and Head of North American Markets, Nasdaq. “We are pleased to join several leading sell-side firms to build on LeveL’s suite of products and current market position.”

“In a rapidly changing market landscape, our independent operating model has given us the ability to scale and expand our product and service offerings,” said Whit Conary, Chief Executive Officer, LeveL ATS. “Having Nasdaq onboard provides us with an even greater runway for future growth, innovation and enhanced client experience.”

Launched in 2006, LeveL ATS provides a continuous crossing platform, giving customers the opportunity for seamless trading in a highly stable dark pool environment while minimizing information leakage and market impact. Most recently, LeveL launched three proprietary volume weighted average price (VWAP) order types, VWAP Block, VWAP Slice and VWAP Full Day.