Robert Greifeld was named president and chief executive officer of Nasdaq, the board of directors announced. Greifeld, 45, joins from SunGard Data Systems Inc., where he is executive vice president responsible for all of SunGard's sell-side businesses and buy-side transaction-routing businesses. He succeeds Hardwick (Wick) Simmons as CEO. In addition, H. Furlong Baldwin, a former chairman of Mercantile Bankshares Corporation and Chairman of the Management Compensation Committee of the Nasdaq Board, was elected non-executive chairman. Both positions are effective May 12.
Eurex, the world's largest derivatives exchange, tapped Michael G. McErlean to join the Eurex-U.S. management team. McErlean, formerly Global Co-Head of Futures Services at Goldman Sachs, will be based in Chicago. Eurex, the world's largest derivatives exchange, plans to launch a registered U.S. exchange and is adding U.S. expertise. The exchange will trade a full range of derivatives including U.S. interest-rates, indexes and equities and will operate in early 2004.
The Archipelago Exchange (ArcaEx) completed the rollout of all Nasdaq-listed stocks from the Archipelago ECN to the ArcaEx trading platform. This means ArcaEx will no longer post quotes to SuperMontage, though a Nasdaq is in discussions with Arca to continue providing liquidity to SuperMontage. ArcaEx is now trading more than 8,000 U.S. equities and is now the only fully electronic national exchange trading all NYSE, Nasdaq, American Stock Exchange and Pacific Exchange listings. All major liquidity pools, including other stock exchanges, SuperMontage and ECNs are accessible via ArcaEx.
Chicago-based Townsend Analytics, Ltd. has integrated business news from Canadian exchanges into its RealTick Trading platform for $10 per month. RealTick is providing the Canadian business news from Public Companies Canada CustomWire, a product of Comtex News Network Inc. Interest in Canadian business news is increasing as reflected in the 25 percent jump in trading volume on the Toronto Stock Exchange, which climbed to 46.4 billion shares in 2002, Townsend notes.
Twenty-six organizations responded to The Bond Market Association's (TBMA's) request for information (RFI) about building a Common Message Hub to support trade matching in the fixed-income markets, the Association reports. The results are being analyzed before any announcement is made over the next eight to 10 weeks.