Nasdaq splits business into three divisions to simplify operations

Sept 28 (Reuters) – Nasdaq Inc (NDAQ.O) said on Wednesday it was reorganizing its operations into three divisions to focus on key growth as competition among exchanges intensified field.

It said the market platform, capital access platform and anti-financial crime would become new divisions focused on digital assets, carbon markets, providing investment intelligence beyond U.S. equities.

The New York-based stock exchange, which competes with CBOE Global Markets (CBOE.Z), the New York Stock Exchange and its parent Intercontinental Exchange (ICE.N) and BATS Global Markets, said the fourth largest in 2022 Quarterly and full-year results will reflect these changes.

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Nasdaq’s efforts to streamline its operations come after the industry largely catered to equities and derivatives, experiencing an upgrade with the popularity of cryptocurrencies.

Last week, Nasdaq launched a digital asset business that puts it in direct competition with cryptocurrency exchanges Binance and Coinbase Inc (COIN.O).read more

It has also expanded its anti-financial crime technology to detect and deter money laundering, fraud and market abuse risks.

A few months ago, a federal judge dismissed a longstanding lawsuit accusing seven U.S. stock exchanges of defrauding ordinary investors by quietly allowing high-frequency traders to trade faster and at better more read more

Nasdaq President and CEO Adena Friedman said the reorganization is designed to “accelerate our efforts in key growth areas with this new corporate structure, with the ultimate goal of being a trusted structure in the financial system.”

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguli

Our Standard: The Thomson Reuters Trust Principles.

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