| NEW YORK, March 24
NEW YORK, March 24 Nasdaq OMX Group
said on Monday it is reorganizing its market services business
to better compete globally in fixed income, currencies,
derivatives and other asset classes.
Hans-Ole Jochumsen, the exchange operator's top executive in
Europe, will take on an expanded role that includes oversight of
transactions, clearing and settlement services for the United
States and Europe.
Jochumsen will be at the helm of Nasdaq's new Global Market
Services unit, aimed at driving growth across the New York-based
company's fixed income, currencies and commodities businesses,
as well as equities-based cash and derivatives.
"The focus will be on how we can align our different
businesses and make them more global where that makes sense,"
Jochumsen said in an interview.
Nasdaq has been expanding its offerings in fixed income and
derivatives, having closed its $750 million purchase of
electronic Treasuries-trading platform eSpeed last July, and
launched NLX, a London-based fixed-income futures trading
platform, late last May. Around two-thirds of Nasdaq's trading
revenue comes from derivatives and fixed income.
The company also operates a clearinghouse in Europe that
last week was the first of its kind to be authorized to clear
over-the-counter (OTC) derivatives under new European reforms.
Regulators around the world have been taking steps to push
derivatives, which include commodities and other financial
instruments such as swaps, onto exchanges and into clearing to
improve transparency and lower risk.
Jochumsen said mandatory clearing obligations for certain
OTC products would likely be in place in Europe in the next nine
to 15 months, a development that represents a big opportunity
Deutsche Boerse's Eurex is Europe's largest derivatives
exchange, followed by IntercontinentalExchange Group's NYSE
In his new role, Jochumsen, who previously headed Nordic
transaction services and global commodities for Nasdaq, will
take over responsibility for execution services at the exchange,
No. 3 in the United States by volume.
That job had been held by Eric Noll, who left Nasdaq in
November to become chief executive of New York-based brokerage
ConvergEx. Noll was seen as Nasdaq's top internal candidate to
replace CEO Robert Greifeld.
Jochumsen will report directly to Greifeld.
(Reporting by John McCrank; Editing by Steve Orlofsky)