
Nasdaq to Overhaul its Fixed Income Trading Business – Financial Times
February 3, 2017 \
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Full Article: Financial Times
Nasdaq has unveiled a radical overhaul to its under-performing fixed-income trading business, taking a $578m charge to end its eSpeed brand name and close its London futures venue. The US exchanges operator said that the impairment charge was because of a decline in operating performance and “a strategic change in the direction of our fixed-income business”.
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3 Comments on "Nasdaq to Overhaul its Fixed Income Trading Business – Financial Times"
This appears to be a full departure from the on the run treasury business, the largest and most electronic fixed market globally. For NASDAQ to abandon it and focus on the off the run market seems odd. With the expiry of the non-compete, BGC will likely enter the on the run market and try to regain some market share from BrokerTec.
That said, John Shay is a capable leader and I’m looking forward to seeing what he does going forward.
HL, great trade.
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