Asannounced previously, Bjørn Sibbern was appointed Executive Vice President of European Market Services and President, European Markets with oversight across equities and equity derivatives, commodities, fixed income, post-trade, market data, and broker services.
Tom Wittman, who led Nasdaq’s Global Trading & Market Services and served as CEO of The Nasdaq Stock Market since 2016, will retire atyear-end 2019. On July 1, 2019, Wittman will become Executive Advisor, continuing to report to Adena Friedman, and he will continue to manage Nasdaq Fixed Income for the remainder of the year.
Wittman joined Nasdaq in 2008 as part ofNasdaq’s acquisition of the Philadelphia Stock Exchange (PHLX), where he worked for 21 years and was responsible for PHLX’s trading technology across equities and options, as well as all regulatory technology and back office systems. Wittman, who started his career as a software developer, was instrumental in guiding the nation’s oldest exchange into the age of electronic trading.
Early in his career at Nasdaq, Wittman demonstrated a passion for the markets, investors and his clients. He used that to push Nasdaq’s U.S. equities options business to No. 1 in U.S. multi-listed market share by 2010, a position it still holds today.
In his role leading Nasdaq’s global trading business, Wittman was responsible for the management, operations and strategic direction of Nasdaq’s businesses spanning cash equities, clearing, commodities, derivatives, fixed income and trade management services. Between 2015 and 2018, Nasdaq’s trading revenues (minus transaction-based fees) grew from $532 million to more than $666 million, a 25% increase.
Wittman also has served as CEO of The Nasdaq Stock Market LLC (Nasdaq), Nasdaq PHLX LLC (PHLX), Nasdaq BX Inc. (BX), Nasdaq ISE, LLC, Nasdaq GEMX, LLC, and Nasdaq MRX, LLC.
“Tom’s stewardship and track record in the options and equities markets are known throughout the industry, and the success of Nasdaq’s equity and equity derivatives business points directly to his leadership,” said Friedman. “His efforts to integrate the Philadelphia Stock Exchange into Nasdaq in 2008, and leading Nasdaq’s team to acquireChi-X Canada andInternational Securities Exchange in 2016, have created a tremendous foundation from which Nasdaq is able to invest in alternative data, machine intelligence, and cloud technology in our role of building and serving marketplaces all over the world.”
Wittman and Cohen played instrumental roles in the 2017 launch ofThe Promise of Market Reform: Reigniting America’s Economic Engine, Nasdaq’s blueprint for addressing uncertainty in the U.S. financial markets. Since its release, the company has witnessed progress on more than seven bills in Congress and the issuance of 13 rules and announcements by regulators. They also collaborated on the launch ofTotalMarkets: Blueprint for a Better Tomorrow earlier this year, that proposes to modernize regulations and make structural changes to the U.S. Equity Markets.
Forward-Looking Statements:
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to Nasdaq’s products and offerings. We caution that these statements are not guarantees of future performance.