NYSE Euronext said that the architect of its strategy to build major data centers in Mahwah, N.J., and Basildon, England, and connect them with scores of "liquidity hubs" around the world has resigned.
The operator of the New York Stock Exchange and Euronext Paris said Stanley Young has resigned as chief executive officer of NYSE Technologies, effective immediately.
He will become chief executive of the enterprise products and solutions division of market data and services provider Bloomberg, founded by New York Mayor Michael Bloomberg.
Bloomberg is trying to establish itself as a standard bearer in the delivery of market data. In February, it made an application programming interface that lets developers create new programs using its market data available for free so that it can lead to " a free and flexible universal language for market data exchange and distribution.”
That followed Bloomberg’s delivery of Open Symbology in 2009, intended similarly to establish a universal method of identifying securities across all global asset classes.
Young will serve as chief executive officer of Bloomberg’s Enterprise Products & Solutions business, which includes Bloomberg’s enterprise market data management business. That business just acquired a market data provider Polar Lake, which will be run independenlty.
Young will report into Mark Pesonen, who has been named chairman of the Enterprise Products & Solutions business, the company said.
"Bloomberg is expanding into enterprise technology services," said Bloomberg President Dan Doctoroff, last week. "Our customers are facing increasing pressure on returns, so we are using our expertise, products and new partnerships to help them lower costs and improve their IT infrastructure’s efficiency and effectiveness."
Young oversaw the $500 million construction of state-of-the-art data centers in Mahwah, N.J., and Basildon, England, that he hoped would operate as homes for not just NYSE Euronext exchanges, but rival markets as well.
"Come on, Direct Edge. Come on Nasdaq. Come into this data center,” in New Jersey, he said in September 2009, before it opened.
That never came to pass. But he also led an effort to start providing technology services to market participants of all sizes, through the cloud. That Capital Markets Community Platform allows trading firms to purchase computing power, on-demand.
The division he oversaw at NYSE Euronext, the technology services unit, saw its revenue grow to $358 million in 2011, up from $318 million in 2010, according to a filing with the SEC.
Information Services and Technology Solutions operating income increased $50 million to $122 million. The increase was primarily due to the growth of the company’s software business and an increase in fees charged for connecting to its new data centers in Mahwah, N.J., and Basildon, England.
NYSE Technologies had a goal of $1 billion in annual revenue. Growth in technology revenue is being sought to replace revenue lost to reduced market activity.
NYSE Euronext trading volume this year is down across the board, as is market activity at nearly all exchanges worldwide.
NYSE Euronext said it will begin looking for a replacement immediately.
Young was not immediately available for comment.
Young joined NYSE Euronext in 2008.
This article originally appeared on Securities Technology Monitor, a sister publication of Traders Magazine.
