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
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
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.
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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 for Nasdaq.
Deutsche Boerse's Eurex is Europe's largest derivatives exchange,
followed by IntercontinentalExchange Group's NYSE Liffe.
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
Jochumsen will report directly to Greifeld.
(Reporting by John McCrank; editing by Steve Orlofsky)
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