Nasdaq OMX Group has announced it will create a new Global Technology Solutions business unit, also appointing a new chief information officer (CIO).
The financial services company is to combine the functions of its Market Technology and Corporate Solutions divisions, covering sales of technology and services to financial sector clients, with Nasdaq executive vice president Anna Ewing taking charge of the newly formed unit.
Nasdaq said that Global Technology Solutions will enable increased focus on driving growth in the company's software business, creating a "dedicated software and technology management structure".
It was also announced that the company would be appointing the new CIO Bradley Peterson, effective from 6th February. Peterson has previously been employed as the CIO for online investment firm Charles Schwab.
In an interview today chief executive Robert Greifeld told Bloomberg that the decision to merge the two units was aimed at creating greater revenues from its sales of software, expecting to bring in around $500 million (£314 million).
In September the Financial Services Authority (FSA) announced that it would use software provided Nasdaq OMX to increase its ability to monitor insider trading and other forms of market abuse in the UK.
However the company's software has come under fire in the past over its role in the botched IPO by Facebook. Financial services firm UBS alleged that Nasdaq OMX was to blame for the technical problems surrounding the much-hyped IPO, claiming that it had lost $85 million (£53 million) as a result of the “gross mishandling of Facebook’s market debut”.
Citigroup subsequently attacked the voluntary compensation plans put forward by Nasdaq OMX, amounting to $62 million (£39 million) for marketing companies which had lost hundreds of million of dollars during the IPO.
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