LeveL Markets
- Company typePrivate
- Founded2006
- HeadquartersBoston, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
LeveL Markets firmographics
Firmographics- Name
- LeveL Markets
- Legal name
- LeveL Markets, LLC
- Website
- https://levelmarkets.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
LeveL Markets industry classification
Industry- Product category
- Institutional Equity Trading Platform
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (523210), Investment Banking and Securities Intermediation (52315)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Dark Pools & Non-Displayed Equity Trading Venues (FSAFAAAE)
- akta.pro secondary industries
- Dark Pools & Block Trading Platforms (FSAFANAK), Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC), Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)
Keywords
Where LeveL Markets is headquartered
LocationHeadquarters
- HQ city
- Boston
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
LeveL Markets business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- Alternative Trading System Fees: LeveL Markets operates the LeveL ATS and Luminex ATS, charging institutional participants (broker-dealers) fees for trade execution and access to the dark pool and block trading platforms.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
LeveL Markets product offering
Product offeringCore offering
LeveL Markets operates two SEC-registered Alternative Trading Systems (ATS) under one FINRA member broker-dealer: LeveL ATS, a continuous crossing US equity dark pool for institutional order flow, and Luminex ATS, a block-trading venue built by and for the buy-side. The platforms provide anonymous dark pool execution, VWAP trajectory crossing, conditional order workflows, bilateral/multilateral trading, and channel partitioning to minimize market impact and information leakage for institutional clients. Additional offerings include white label trading technology, sponsored access, transition management services, and the Luminex UI front-end.
Product overview
LeveL Markets is a fintech provider offering a dual ATS platform ecosystem comprising LeveL ATS (a US Equity Alternative Trading System for continuous dark pool crossing) and Luminex ATS (an institutional block-trading destination built by the buy-side for the buy-side). The platform provides cost-effective institutional trading solutions including VWAP order types (VWAP Full Day, VWAP Block, VWAP Slice/Trajectory Cross), Conditional Order functionality, Manual Conditional Orders, and sophisticated low-latency trading technology. Additional offerings include White Label Solutions, Sponsored Access, Transition Management, and the Luminex UI front-end interface. Founded in 2006 (LeveL) and 2015 (Luminex), the company was formed through the 2022 merger of the two entities and rebranded from Kezar Markets to LeveL Markets in April 2025.
Differentiator
Problem solved
Functional benefit
Brands
- LeveL ATS: US Equity Alternative Trading System - a continuous crossing platform designed to facilitate fast and efficient execution in dark pool environment.
- Luminex ATS
- Luminex
Products and services
- LeveL ATS SEC-registered US Equity Alternative Trading System that operates as a continuous crossing dark pool, providing seamless institutional execution with minimal information leakage and market impact. Available exclusively to U.S. Registered Broker-Dealer subscribers, connected via FIX 4.2.
- Luminex ATS SEC-registered block-trading destination built by the buy-side for the buy-side, providing institutional investors with anonymous, non-quoted trading of large blocks of shares with reduced market impact. Access via the Luminex UI front-end and integrated OMS/EMS systems.
- White Label Solutions
Quantifiable outcome
- Median response time: 0.981 milliseconds, Average firm-up rate: 86.00%, Conditional percentage of ADV: 3.14% (June 2026)
- +2 more outcomes
Companies that use LeveL Markets
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles2 records
LeveL Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
LeveL Markets partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- EDX MarketscoreStrategic partnership to expand institutional access to digital assets. Combines LeveL Markets' low-latency execution and institutional trading solutions with EDX Markets' digital asset trading venue and central clearinghouse. Aims to lower barriers for traditional financial institutions entering the digital asset space, focusing on market integrity and regulatory alignment.
- 21XcorePartnership to offer tokenized capital markets trading, connecting traditional financial markets with next-generation wallet-based trading rails. Enables LeveL Markets' institutional clients to access tokenized financial instruments alongside existing equity workflows through 21X's DLT-based trading and settlement system. Aims to reduce operational and technical friction limiting institutional participation in tokenized markets.
- Nasdaq CanadacoreTrading connectivity partnership providing Luminex ATS customers access to Nasdaq Canada's CXD trading book. Enables traders to connect to Canadian marketplace liquidity pools, accessing non-displayed liquidity for size discovery and price improvement opportunities. Part of LeveL Markets' global growth strategy.
- Turquoise (LSEG)coreStrategic partnership with LSEG's pan-European trading platform to introduce new block Manual Conditional Order Type accessible through Luminex interface. Combines Turquoise's pan-European presence and block trading services with Luminex's technology capabilities and buy-side network. Targets September 2025 launch.
- National Financial Services LLCcoreClearing firm for LeveL Markets institutional customers. backs up important records in a geographically separate area.
- Instinet, LLCcoreClearing firm for LeveL ATS broker-dealer subscribers.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
LeveL Markets competitors and assessment
Company assessmentDirect peers
- Instinet (BlockCross / Newport): Instinet, a Nomura-owned agency broker, runs BlockCross and Newport, dark-pool/IOI venues for institutional equities. Comparable to LeveL ATS in providing broker-dealer dark-pool execution with a focus on minimizing information leakage.
- Virtu Financial (including POSIT): Virtu operates POSIT and other dark ATS/IOI venues for equities, with global block-trading and crossing capabilities. Directly competes with LeveL and Luminex in institutional non-displayed equity execution.
- IEX: Investors Exchange is a US equities ATS / national exchange operating a dark and lit venue with speed-bump routing for institutional order flow. Directly comparable to LeveL ATS as a registered, technology-led equity ATS serving institutional broker-dealers.
- Liquidnet: Liquidnet operates a global institutional block-trading network and dark ATS, with strong buy-side membership. Closely parallels Luminex ATS in its buy-side block-trading focus and complements LeveL's dark-pool continuous crossing business.
Broad incumbents
- Cboe EDGX: Cboe operates EDGX as both a lit exchange and dark pool within a broad US equities and derivatives portfolio. Overlaps with LeveL in US equity dark trading, but Cboe's much larger scale and multi-asset offerings make it a broad incumbent.
- Nasdaq (BX / PSX): Nasdaq owns BX and PSX dark venues in US equities plus its flagship exchange, and is also a LeveL shareholder. Competes with LeveL on US institutional dark execution while representing a partial strategic alignment.
- Sigma X (Goldman Sachs): Sigma X is Goldman Sachs' institutional dark pool for US equities, part of the bank's broader equities franchise. Directly competes for institutional order flow and offers comparable non-displayed execution.
Regional players
- Deutsche Börse (Xetra): Deutsche Börse's Xetra is the dominant German/European equities trading venue with dark pool extensions. Relevant given LeveL's European expansion via Turquoise/LSEG and the need to benchmark international dark-pool execution capabilities.
Emerging players
- MIAX: MIAX operates equities and options exchanges, including a dark-pool offering through acquired technology. Comparable to LeveL as a newer US equities exchange/ATS operator seeking institutional market share.
- MEMX: MEMX is a US equities exchange operator that has expanded into retail and institutional segments with dark-pool-style services. Comparable as a newer, technology-led venue competing for institutional flow alongside LeveL.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
LeveL Markets social profiles
Digital presenceLeveL Markets compliance and trust
Trust signalCompliance3 records
LeveL Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
LeveL Markets leadership team
Management profileNumber of profiles
Profiles7 records
LeveL Markets subsidiaries and ownership
Company hierarchySubsidiaries2 records
LeveL Markets funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
LeveL Markets M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about LeveL Markets
What does LeveL Markets do?
LeveL Markets operates two SEC-registered Alternative Trading Systems (ATS) under one FINRA member broker-dealer: LeveL ATS, a continuous crossing US equity dark pool for institutional order flow, and Luminex ATS, a block-trading venue built by and for the buy-side. The platforms provide anonymous dark pool execution, VWAP trajectory crossing, conditional order workflows, bilateral/multilateral trading, and channel partitioning to minimize market impact and information leakage for institutional clients. Additional offerings include white label trading technology, sponsored access, transition management services, and the Luminex UI front-end.
Is LeveL Markets a public or private company?
LeveL Markets is a private company. It is classified as corporate owned and is currently operating.
When was LeveL Markets founded?
LeveL Markets was founded in 2006. It employs 11 to 50 people.
Where is LeveL Markets based?
LeveL Markets is headquartered in Boston, United States, in the North America region.
How does LeveL Markets make money?
One revenue line is on record: alternative Trading System Fees.
Who are LeveL Markets's main competitors?
Direct peers on record are Instinet (BlockCross / Newport), Virtu Financial (including POSIT), IEX and Liquidnet. Broad incumbents are Cboe EDGX, Nasdaq (BX / PSX) and Sigma X (Goldman Sachs). Deutsche Börse (Xetra) is listed as a regional player. Emerging players are MIAX and MEMX.
Does LeveL Markets have an API?
No public API is recorded for LeveL Markets.
What industry is LeveL Markets in?
LeveL Markets's product category is Institutional Equity Trading Platform. Its primary akta.pro industry code is FSAFAAAE, Dark Pools & Non-Displayed Equity Trading Venues, with a secondary code of FSAFANAK, Dark Pools & Block Trading Platforms. Its NAICS code is 5231 and its SIC code is 6211.