Nasdaq Appoints New Head of European Market Services

Key facts

• Nasdaq has appointed Nikolaj Kosakewitsch as Head of European Market Services.
• Kosakewitsch will oversee Nasdaq's trading, listings, clearing, and market infrastructure operations in the Nordic and Baltic regions.
• Roland Chai has been appointed to lead Nasdaq's newly formed Digital Liquidity Networks (DLN) organization.
• DLN will focus on digital assets and market modernization, combining liquidity platforms and tokenization capabilities.
• Nasdaq has agreed to acquire LeveL Markets, LLC, a U.S.-based off-exchange equity execution venue.

Nasdaq has announced a significant reshuffle in its European leadership, appointing Nikolaj Kosakewitsch as the new Head of European Market Services. In this role, Kosakewitsch will assume full leadership of Nasdaq’s trading, listings, clearing, and market infrastructure operations across the region, including its stock exchange businesses in the Nordics and Baltics. He succeeds Roland Chai, who has been appointed to lead Nasdaq’s newly formed Digital Liquidity Networks (DLN) organization.

Kosakewitsch, a nearly decade-long veteran at Nasdaq since joining in 2017, previously served as President of Nasdaq Copenhagen and expanded his responsibilities across European equities, commodities, sales, and revenue operations. He brings extensive knowledge of the company’s European business and its markets, and is recognized as a voice in discussions with EU officials regarding capital markets competitiveness.

The DLN organization, which Chai will now lead, is built upon Nasdaq’s investments in digital assets and market modernization. It aims to integrate liquidity platforms, tokenization capabilities, and financial technology solutions serving the digital assets ecosystem. Kosakewitsch expressed pleasure in continuing his partnership with Chai in his new capacity.

In a separate development, Nasdaq also announced its agreement to acquire all equity interests of LeveL Markets, LLC, a leading off-exchange equity execution venue in the United States. This acquisition is expected to advance Nasdaq’s vision for “always-on” markets by expanding its role in connecting liquidity and facilitating capital formation. LeveL Markets operates an Alternative Trading System (ATS) that processes hundreds of millions of shares daily and serves over 2,500 clients. Following the acquisition, LeveL Markets will continue to operate as a trading venue within DLN, maintaining its structural separateness and operational integrity.