LeveL Markets

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

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

• Alternative trading system
• Block trading platform
• Dark pool trading
• Institutional equities trading
• Trading technology solutions

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. 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

Core 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

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Six partnerships are on record, tiered core.

• EDX MarketscoreStrategic or Co-development Partner · 17 February 2026Strategic 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.
• 21XcoreStrategic or Co-development Partner · 29 January 2026Partnership 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 CanadacoreTechnology or Integration · 21 August 2025Trading 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 or Co-development Partner · 24 April 2025Strategic 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 LLCcoreOthersClearing firm for LeveL Markets institutional customers. backs up important records in a geographically separate area.
• Instinet, LLCcoreOthersClearing firm for LeveL ATS broker-dealer subscribers.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xx.com/levelats
• LinkedInlinkedin.com/company/level-markets-llc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LeveL Markets