Jan. 17 (Bloomberg) --Nasdaq OMX Group Inc. (NDAQ), the second- largest U.S. equity market operator, said it’s combining two technology units that provide advisory services to exchanges and research on company shareholders.
The New York-based company will merge its market technology and corporate solutions divisions, with the business led by Anna Ewing, the executive vice president of global technology solutions, according to an e-mailed statement. Nasdaq OMX named Bradley Peterson global chief information officer starting Feb. 6. Peterson, who held the position at Charles Schwab, will report to Ewing who previously held the title.
Nasdaq, trying to expand its business beyond securities transactions, said the reorganization will help integrate units it is purchasing from Thomson Reuters Corp. that provide investor and public relations products. The purchase will boost Nasdaq’s software revenue to more than $500 million, Chief Executive Officer Robert Greifeld said in an interview today.
“We wanted a proper organizational structure in place,” he said. “Anna Ewing has taken responsibility for this major integration effort.”
Nasdaq’s market technology division sells technology and advisory services to more than 70 markets, clearing organizations and central securities depositories in more than 50 countries. Corporate solutions provides products and services for market intelligence to identify, target and communicate with shareholders.
The computerized infrastructure of American capital markets has come under increased scrutiny after a series of breakdowns in the past year, including Nasdaq OMX’s mishandling of Facebook Inc.’s initial public offering. Bats Global Markets Inc. and Knight Capital Group Inc. (KCG) experienced mishaps.
Nasdaq in December bought a 25 percent stake in The Order Machine, a Dutch alternative securities-trading system focused on stocks and equity derivatives. The exchange will operate TOM’s market and has an eight-year contract to provide trading technology.
Bloomberg LP, the parent of Bloomberg News, competes with Thomson Reuters in selling financial and legal information and trading systems.
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