Market operator Nasdaq OMX has formed a new entity combining transactions, clearing and settlement services in the US and Europe, and has appointed Hans-Ole Jochumsen to lead the new combined entity.
The new global markets services unit is designed to facilitate growth of the company’s cash and derivatives business within equities as well as fixed income, currencies and commodities, and improve its ability to focus on product development and technology.
The London-based derivatives trading platform NLX and electronic Treasury trading platform eSpeed will fall under the purview of this new entity, and the role of Eric Noll, who previously ran these businesses as head of transaction services will not be replaced.
“As markets have become increasingly global in asset classes like fixed income, currency and commodities and in the OTC clearing space, we believe it is an opportune time to structure our transaction business in such a way that takes advantage of these opportunities,” Bob Greifeld, CEO of Nasdaq, said.
Nasdaq OMX Clearing became the first clearing house to receive approval from European regulators under the European market infrastructure regulation (EMIR) last week.
The Swedish regulator the SFSA approved Nasdaq OMX Clearing’s application to become a central clearer of OTC derivatives following approval from the College of Regulators, the European Securities and Markets Authority (ESMA), the European Central Bank and central banks across the Nordics and in the UK on 12 March.
Jochumsen, the new head of global markets services, previously oversaw Nasdaq's Transaction Services Nordic business, which provides an integrated marketplace of eight independent Nordic and Baltic exchanges as well as trading and clearing for derivatives and OTC.
Jochumsen, who is also responsible for NASDAQ OMX Commodities, will now report directly to Greifeld.
“Hans-Ole has exhibited tremendous leadership, and his background and experience spans virtually every asset class. His global perspective and outstanding track record will help take our transaction businesses to the next level,” Geifeld said.
Nasdaq has pursued a strategy of global diversification over the last year, reorganising its businesses to form new entities. Most recently, it combined data and indexing to form its global information services division. Market technology and corporate solutions were combined to form the global technology solutions business.