28 April 2017
visit nextgenbanking.co.uk

Eighty jobs to go as Nasdaq pulls out of Europe and single stock futures

26 June 2003  |  5432 views  |  0 Nasdaq Ext Night2

Nasdaq has announced plans to shut down its European growth exchange Nasdaq Europe and pull out of stock futures joint venture NQLX, following a strategic review ordered by new CEO Robert Greifeld. The proposed Bulletin Board Exchange for struggling stocks, and the order routing and order management systems Liquidity Tracker and Nasdaq Tools, are also being discontinued.

Eighty full-time staff jobs will be lost as a result of the changes.

Announcing the restructuring, Greifeld says: "We will focus only on products, services and initiatives that help us achieve our goals of delivering a better solution to investors, market participants and listed companies."

This means concentrating resources on capturing an even greater share of IPOs, a larger share of trading volume, and attracting listings from other exchanges, he says.

"Among the tactics used to accomplish this will be expanding our sales presence and continually enhancing our system functionality," says Greifeld.

Euronext.liffe says it will take over Nasdaq's stake in NQLX, and that management and operations will continue unchanged.

Hugh Freedberg, chief executive of Euronext.liffe says: "We look forward to growing NQLX’s security futures franchise in the US, a market which is still in its infancy."

Nasdaq Europe will be wound down under a transition plan to be agreed with Belgian regulators, with closure expected by 5 January 2004.

A review of Nasdaq Deutschland, the German joint venture launched last year to take on Frankfurt's Deutsche Bourse, is ongoing says Greifeld. Market rumours suggest that Euronext is mulling the option of buying Nasdaq's 50% stake in the venture as a way of entering the German stock market.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nasdaq Europe faces closure - FT

Nasdaq Europe faces closure - FT

24 June 2003  |  6867 views  |  0 comments
Nasdaq vice chair Weild latest casualty of management shake-up

Nasdaq vice chair Weild latest casualty of management shake-up

21 May 2003  |  3658 views  |  0 comments
Greifeld signals arrival at Nasdaq with top-level shake-up

Greifeld signals arrival at Nasdaq with top-level shake-up

13 May 2003  |  4504 views  |  0 comments
Nasdaq reports 90% earnings slump

Nasdaq reports 90% earnings slump

01 May 2003  |  3427 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.comFind out moreVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
17888 views 0 | 7 tweets | 7 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
12264 views comments | 32 tweets | 20 linkedin
EC plans blockchain 'observatory'EC plans blockchain 'observatory'
8808 views comments | 9 tweets | 16 linkedin
Plastc goes into meltdownPlastc goes into meltdown
7385 views comments | 12 tweets | 7 linkedin
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
7216 views comments | 15 tweets | 36 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job