Pan-European multilateral trading facility Nasdaq OMX Europe has hired Stuart Rutherford, currently head of trading services at UK stock exchange PLUS Markets, as head of sales.
In his new role, Rutherford will be responsible for new client connections and managing existing client relationships at Nasdaq OMX Europe. He replaces Henrik Reinfeldt, who is returning to the Stockholm office of Nasdaq OMX, the MTF’s parent.
“It is essential we have someone with good existing relationships in the market who is dedicated to spending time with customers,” Charlotte Crosswell, president of Nasdaq OMX Europe, told theTRADEnews.com. “We appointed Stuart because of the quality of his relationships, his knowledge of the market and the MTF space, and his good reputation in the market.”
Before joining PLUS, Rutherford was a consultant to London-based exchange virt-x, later known as SWX Europe, and connectivity provider BT Radianz. He also spent 10 years at investment bank Merrill Lynch as head of EMEA client connectivity and head of best execution dealing services.
Crosswell said Nasdaq OMX Europe is working on a number of initiatives aimed at boosting its market share in 2009. “We would like to get to a 5% market share by the end of this year,” she said, adding that Rutherford would be instrumental in ensuring any new products or services meet clients’ requirements.
“I wanted someone who can get quick feedback so we can ensure sure we tailor the initiatives to what the clients are looking for,” said Crosswell.
Nasdaq OMX Europe currently has the lowest market share of its peer group, comprising Chi-X, Turquoise and BATS Europe. According to trading technology firm Fidessa’s fragmentation index for 20 February, Nasdaq OMX Europe’s market share of stocks traded on the 11 indices covered by Fidessa
was 0.1%, compared with Chi-X’s 9.1%, Turquoise’s 6.2% and BATS Europe’s 1.2%
Despite this, Crosswell is sanguine about the MTF’s prospects in the coming year. “There is still a lot of support for the MTF,” she said. “Through February and March we are seeing a good pipeline of new customers and it is really encouraging to see customers committing to connecting and trading on the platform in the current environment.”