NasdaqOMX eyes Baltic shift of staff – possibly
NasdaqOMX, the operator of the Stockholm Stock Exchange, has been reported in local media as eyeing up a move of staff to Vilnius, the capital of Lithuania, although the company has moved to dampen speculation about the numbers affected.
Swedish business daily Dagens Industri has suggested up to 100 positions could be shifted away from the Swedish capital.
NasdaqOMX was approached by InvestmentEurope for a comment, but is yet to receive a formal response, although it is understood that the company may be mulling certain positions in respect of its model of operating centres of excellence, to which it prefers to concentrate relevant skills.
As other stock market operators, NasdaqOMX is in many respects part of a bigger global technology company. This is one of the factors that has been driving market operator consolidation since the Millenium. Efficiencies derived from technology applications is one of the arguments put forward for the pending merger between Deutsche Boerse and the London Stock Exchange. That deal could yet face significant scrutiny from Brussels because of the size of the combined entity versus other market providers, and because of the fact London is set to move outside the EU single market.
Nasdaq Inc. noted in its own second quarter results that it completed its acquisitions of Boardvantage and ISE “the last of four recently announced deals to close, and has achieved approximately $10m in annualized run-rate cost synergies.”
CEO Bob Greifel said the company had “experienced broad-based demand for our distinctive technology, services and solutions, resulting in continued organic growth from each of our business segments.”
He also noted ” exceptional growth in Nordic listings.”