Nasdaq has reshuffled its European leadership, appointing new heads for its London and Nordic markets, according to a report by Financial News. The exchange operator has named Bjorn Sibbern as president of European markets and head of the London Stock Exchange, and Martin Edmundsen as head of Nordic markets. The moves are part of a broader reorganisation aimed at strengthening its European operations.
Leadership Changes at Nasdaq
Bjorn Sibbern, previously head of European markets, will now also oversee the London Stock Exchange, which Nasdaq acquired in 2016. Martin Edmundsen, who was head of Nasdaq's Nordic markets, will continue in that role, but will now report directly to Sibbern. The changes were announced internally on Tuesday and take effect immediately.
According to a person familiar with the matter, the reshuffle is designed to streamline decision-making and improve coordination between Nasdaq's various European businesses. The company has been under pressure to boost its competitiveness in Europe, where it faces stiff competition from the London Stock Exchange and Deutsche Boerse.
Citi's Senior Hires
Separately, Citi has made several senior hires in its trading division, according to the same report. The bank has brought in new heads for its European equities trading and electronic trading desks, as well as a new head of prime brokerage for Europe. The appointments are part of Citi's efforts to expand its market share in the region.
Citi has been particularly active in hiring on the sell side, poaching talent from rivals such as Goldman Sachs and Morgan Stanley. The bank has also been investing heavily in its electronic trading platforms, which have been a key growth area for the industry.
Industry Context
The moves come at a time of significant change in the European trading landscape, with the introduction of new regulations such as MiFID II and the ongoing impact of Brexit. These factors have forced banks and exchanges to rethink their strategies and adapt to a new environment.
According to a senior executive at a rival exchange, the reshuffle at Nasdaq is a clear sign that the company is taking its European business more seriously. "Nasdaq has been a bit of a laggard in Europe, but these changes suggest they are now committed to turning things around," the executive said.
Overall, the reshuffle at Nasdaq and the hires at Citi are likely to have a significant impact on the competitive dynamics of the European trading industry in the coming months.
