NASDAQ OMX Forms Global Market Services Business for Clearing Ops

Hans-Ole Jochumsen will lead the combined U.S. and European transactions, clearing and settlement businesses.

The NASDAQ OMX Group today announced Global Market Services, a new entity comprising the exchange company’s transactions, clearing and settlement services in the U.S. and Europe.

It will be lead by Hans-Ole Jochumsen, executive vice president, and he will report directly to CEO Bob Greifeld. NASDAQ OMX’s European and U.S. market services businesses will report to Mr. Jochumsen.

The mission of GMS is to grow and expand the exchanges cash and derivatives business within equities as well as fixed income, currencies and commodities (FICC), and enable greater customer focus, product development and technology synergies.

As part of NASDAQ OMXs diversification efforts and to better align with our customers, we have decided to combine our NASDAQ Transaction Services Nordic business with our NASDAQ Transaction Services U.S. & U.K. business to form Global Market Services, a Nasdaq representative told Traders.

“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 Greifeld in a press statement. “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.”

Looking to create global diversity, NASDAQ OMX reorganized its businesses to form new entities that enable investors to better understand and compare its business to peers, reads the press statement. The company combined data and indexing to form Global Information Services. Similarly, market technology and corporate solutions were combined to form Global Technology Solutions.

“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 Jochumsen. “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.”

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 global commodities business unit within the company, encompassing among other things the trading and clearing of financial products on the world’s largest power exchange.