Eric Noll, head of transaction services for market operator Nasdaq OMX, has joined agency broker ConvergEx as president, effective immediately, and will transition into the role of CEO by January.
Noll will be responsible for all strategy, business lines and day-to-day operations. He will report to the board and serve as a director.
At Nasdaq, Noll was responsible for the firm’s US and UK equity, options and futures exchanges and helped manage relationships with key buy- and sell-side firms. He was understood to be in line for the role of CEO at Nasdaq.
His resignation comes a year after Nasdaq OMX’s high-profile error during the Facebook IPO that resulted in a record fine from the regulator and significant compensation pay-outs. Nasdaq’s market data dissemination engine, known as the SIP, also experienced an error in August, which led to a three-hour trading pause.
At Nasdaq, he launched futures platform NLX and was a key driver behind the firm’s fixed income strategy, which included the purchase of Treasury bond trading platform Espeed. Speaking to theTRADEnews.com last week ahead of the announcement, Noll said Nasdaq had deveoped a successful global, multi-asset class strategy and indicated the firm would even look to enter the swaps trading space in the future.
Before joining Nasdaq in 2009, Noll managed external and exchange relationships for Susquehannah International Group, prior to which he was in charge of strategic planning and new product development for the Philadelphia Stock Exchange.
“We are very pleased to have attracted someone of Eric’s high caliber to become president and CEO-elect of ConvergEx, and the board and I look forward to working closely with him to effect a smooth transition of leadership,” said Joseph Velli, ConvergEx Group chairman and CEO.
“Eric is a proven, highly respected executive with strong leadership skills, outstanding judgment and targeted experience within the global securities industry that will provide immediate benefits to our company and our customers.”