Nasdaq Expands Nordic Executive’s Role to Include U.S. UnitsSam Mamudi
Nasdaq OMX Group Inc. expanded the duties of the executive running its European markets to include U.S. venues such as the Nasdaq Stock Market.
Hans-Ole Jochumsen will run a new Global Market Services division, which contains Nasdaq’s U.S. and European transaction, clearing and settlement operations, according to a statement from the New York-based company. Eric Noll, who previously oversaw the U.S. segment, quit Nasdaq to become chief executive officer of ConvergEx Group LLC last year.
Jochumsen, 56, will split his time between New York and Stockholm. He steps into the role amid a debate among investors, brokers and regulators over whether the $23 trillion U.S. equity market is fairly structured. There are more than 50 venues including Nasdaq’s exchanges, which critics say makes the system too complex. Also, New York Attorney General Eric Schneiderman last week announced an investigation into high-speed traders he deems “predatory” and the perks exchanges give them.
In the new role, Jochumsen will run the Nasdaq Stock Market, which handles about 18 percent of U.S. equity volume, more than any other single venue. His group also includes the Treasuries trading platform ESpeed, which Nasdaq acquired last year, and the futures market known as NLX. Two-thirds of Nasdaq’s transaction revenue comes from derivatives and fixed income. Before the job change, Jochumsen oversaw the company’s Nordic and Baltic exchanges.
The executive joined Nasdaq through the acquisition of Stockholm-based OMX AB, a purchase that was completed in 2008. At OMX, he was president of information services and new markets. Before that, he was CEO of the Copenhagen Stock Exchange.
Nasdaq’s new Global Market Services division is the fourth worldwide business group at Nasdaq, joining Global Listings, Global Technology Solutions and Global Information Services.
Jochumsen will be one of seven executives reporting to Nasdaq CEO Robert Greifeld. The others are Chief Financial Officer Lee Shavel; Chief Information Officer Brad Peterson; Edward Knight, the general counsel; John Jacobs, the head of Global Information Services; Anna Ewing, the head of Global Technology Solutions; and Bruce Aust, the head of Global Listings.