NASDAQ OMX is to close their European trading platform as they have not been reaching their targets. However a representative of the company has said they are still committed to their London offices.
This decision was sparked by their weak performance in a competitive European market and comes just 18 months after the company launched their European offices.
Eric Noll, executive vice president, said, “Despite our best efforts, the increasingly competitive nature of the multi-lateral trading facility space in Europe has meant that the growth of the business hasn’t reached levels necessary for us to realise our stated objectives.”
The decision to shut down the office also means that there will be a reshuffle of personal, with Hans-Ole Jochumsen being appointed the president of Nasdaq OMX Nordic. This is to ensure that the closure goes smoothly and to aid with Pan-European equity trading.
Mr Jochumsen said, “Our approach will be very targeted, market-by-market. For example, NASDAQ OMX Nordic is currently the largest competitor to Oslo Bors, with nearly five per cent market share.”
Charlotte Croswell will continue to front the London branch of the business, and will promote initiatives and oversee client transitions from the European arm.
A representative from the company said that despite the recent European closure they remained completely committed to their London offices and will retain offices in the capital.
This is because their London offices are a key component of their organisation, generating 40% of their client base and being the location of their office and data centres.