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Sept 28 (Reuters) – Nasdaq Inc ( NDAQ.O ) said on Wednesday it was organizing its business into three divisions to focus on key growth areas as competition intensified among the exchanges.
Markets platforms, capital access platforms and anti-financial crimes will be new units that will focus on digital assets, carbon markets, and provide investment information outside of US stocks, he said.
The New York-based stock exchange, which competes with CBOE Global Markets ( CBOE.Z ), NYSE and parent Intercontinental Exchange Inc ( ICE.N ) and BATS Global Markets, said its fourth-quarter and full-year 2022 results would reflect the changes. .
Nasdaq’s move to streamline operations comes after the sector, which mostly offers stocks and derivatives, has been reformed amid the rise in popularity of cryptocurrencies.
Last week, Nasdaq launched a digital asset trading platform that puts it in direct competition with crypto exchanges Binance and Coinbase Inc ( COIN.O ). Read more
It has also deployed anti-financial crime technology to detect and prevent money laundering, fraud and market abuse.
A few months ago, a federal judge dismissed lawsuits accusing seven U.S. stock exchanges of defrauding ordinary investors by quietly allowing high-frequency traders to trade faster and at better prices. Read more Read more
The purpose of the restructuring is to “accelerate our efforts through this new corporate structure and our ultimate goal is to become the trusted fabric of the financial system,” said Adena Friedman, president and CEO of Nasdaq.
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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguly
Our standards: The Thomson Reuters Trust Principles.
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