DUBAI - The Dubai International Financial Exchange (DIFX), of which Nasdaq Stock Market Inc owns around a third, said on Saturday it had named two new board members after the completion of the OMX acquisition.
Borse Dubai, the parent company of the DIFX, and Nasdaq concluded a $4.9 billion deal last month to buy the Nordic and Baltic stock exchange operator, forming a new company called Nasdaq OMX Group Inc.
Robert Greifeld, chief executive of Nasdaq OMX Group, will join the DIFX board as vice-chairman, the Dubai-based stock exchange said in a statement. It also said Adena Friedman, executive vice-president of corporate strategy at Nasdaq OMX, would join the board.
Other members of the 11-member board include Borse Dubai deputy chairman Soud Ba'alawy, DIFX Chief Executive Per Larsson and Maha al-Ghunaim, managing director of Kuwaiti investment bank Global Investment House (GLOBAL).
Ba'alawy and Borse Dubai Chairman Essa Kazim, who also serves on the DIFX board, have been appointed to the newly formed board of Nasdaq OMX, the exchange added.
I was searching for information on Mr Greifeld, the Nasdaq CEO, yesterday. His name rang a bell for more than just being the Nasdaq boss but I couldn't remember why, and couldn't find anything that refreshed my memory cells, except for his big salary package.
There was this article in the Economist last year which gave an interesting description of Mr Greifeld - "Bob the Bully" .
Here's part of the report. Perhaps Mr Greifeld will turn the DIFX into "a monster" also ...
The Economist 15 May 2007:
A self-styled computer geek who cuts an unimposing figure, even when wielding a baseball bat emblazoned with the BATS logo, Mr Cummings nevertheless considers himself to be locked in an almighty struggle. His chosen enemy is NASDAQ's boss, Robert Greifeld. Mr Cummings calls him “Bob the Bully” and accuses him of turning his exchange into a “monster” that has sought to squash competition so it can raise prices. He is, he says, happy to be thought of as the “Anti-NASDAQ”. The rival exchange is the perennial target of the caustic e-mails that Mr Cummings fires off each week to a group of 1,500 devoted subscribers, including managers of rival exchanges.
Here's another article from The Economist with some comments from Mr Greifeld (note that just because I read this, doesn't actually mean I understand any of it - but there are lots of big words that make it sound clever )
The Economist 24 May 2007:
Whereas the NYSE has the stronger brand, NASDAQ likes to think it has an edge in technology. Robert Greifeld, NASDAQ's chief executive, believes that the future pecking order “will be determined not by whether your market trades round the clock, as some think”—he may have Mr Thain in mind—“but by how successful exchanges are at creating efficient transaction-processing machines. It's not sexy, but it's crucial.” Once you have invested in a trading platform, the cost of running extra transactions over it is minimal. So the secret will be versatile systems that can support high volumes and a variety of securities, from stocks to options.
some good posts from u SW..i must say they are very informative...i guess this will lift the investors sentiment..i think the whole rebranding will be good news for difx..
good luck to all..
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