Young quits Nyse Technologies to join Bloomberg
01 June 2012 | 8466 views | 0
Stanley Young has resigned as CEO of Nyse Technologies to join Bloomberg as chief executive of the market data vendor's enterprise products and solutions division.
Young's departure comes just days after Garry Young, global head of derivatives decided to leave the transAtlantic exchange following an organisational shake-up.
Young joined the Exchange in 2008 following its takeover of Atos Euronext and has overseen a $500 million spend on rehousing the Big Board's core technology at two new data centres in New Jersey and the UK.
In the wake of its aborted merger with Deutsche Bourse, Nyse Euronext had set its sights on an expansion of its technology division, targeting a doubling of revenue growth to $1 billion, as trading in derivatives and cash equity markets softens in a tough economic climate.
Bloomberg will be looking to use Young's expertise to spearhead a push into the fast-growing enterprise data management business. The market data vendor last week acquired data management outfit PolarLake, pitting it against up-and-coming rival vendor Markit and its recent acquisition of Cadis.
Dominique Cerutti, president and deputy CEO of Nyse Euronext, thanked Young for "his leadership in developing our technologies business into a leading platform serving the capital markets community. Our technology business is transitioning into its next phase of growth and development, and we remain focused on delivering innovative products and services that unlock potential for our customers and execute on our own community strategy."
In April, the Exchange lost its long-standing chief information officer Steve Rubinow to multi-bank currency trading platform FXall. Rubinow's post at Nyse was immediately filled by Peter Leukert, the former CIO of Commerzbank.