NASDAQ OMX Forms Global Market Services Business, Promotes Hans-Ole Jochumsen to Lead

NASDAQ OMX, the parent company behind the U.S. Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term known by the NASDAQ brand, has today announced the formation of a new entity under the name Global Market Services, to handle the groups’ transactions, clearing and settlement services in the U.S. and Europe, according to its official press release.

This new formation will help the group expand its cash and derivatives business within equities and its fixed income, currencies and commodities (FICC) business, as per the description.

Taking the lead of the newly combined global business, encompassing the U.S. and European segments, Hans-Ole Jochumsen, Executive Vice President at NASDAQ OMX has been appointed to be responsibe for overseeing the new entity as Head of Global Market Services, and will be reporting directly to the group's Chief Executive Officer Bob Greifeld.

Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates recently covered when plans to look at Forex on a larger scale were being considered by the group, as confirmed by a company spokesperson just weeks ago.

The idea behind the new entity is to help facilitate global growth, and technology synergy, by combining the market services businesses from both the U.S. and Europe, with each reporting to Mr. Jochumsen.

"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," said Bob Greifeld, Chief Executive Officer of NASDAQ OMX.

Mr. Greifeld added regarding the expanded role of Mr. Jochumsen, "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."

The news follows its previously announced creation of a Global Information Services, as well as the combination of market technology and corporate solutions to form its Global Technology Solutions.

Similar streamlining has been seen at Reuters, via the consolidation of products into a few key platforms and business divisions, as firms try to refine their organizational structure and best position their products.

"We've successfully integrated trading and clearing of all our asset classes at all our Nordic and Baltic exchanges to one technology platform to allow true multi-asset trading and clearing," said Hans-Ole Jochumsen, Executive Vice President and Head of Global Market Services at NASDAQ OMX. "With the fixed income, currency and commodities markets becoming increasingly global, I'm thrilled to make NASDAQ OMX the world leader in creating a truly integrated global offering in these areas."

Mr. Jochumsen previously oversaw NASDAQ OMX'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) of Nordic and Baltic securities.

Jochumsen is also responsible for NASDAQ OMX Commodities, the unit within the company that includes the trading and clearing of financial products on one of the world's largest power exchanges. He previously oversaw the company’s transaction services in the Nordic region which is integrated with eight Nordic and Baltic exchanges and includes derivatives and OTC trading and clearing in securities in those regions.