Nasdaq Exits Ventures as CEO Alters Course

The Nasdaq Stock Market’s new chief executive on Thursday unveiled his strategy for the market’s future, pledging a “maniacal focus” on being the superior U.S. trading venue for stocks.

But that means Nasdaq will give up on some ventures. The market said it would close its Nasdaq Europe unit and would exit a joint venture with the London International Futures Exchange to create a market for single-stock futures.

Nasdaq also will walk away from plans for a U.S. Bulletin Board Exchange for firms not eligible for listing on the Nasdaq SmallCap Market. However, the Over the Counter Bulletin Board will continue to operate.

“We are not going to be involved in things that are not core to our mission....We’re about becoming the dominant U.S. market,” said Bob Greifeld, who took over the leadership of the electronic market last month.

Nasdaq, which is the chief rival to the New York Stock Exchange, has been struggling to compete against upstart electronic markets that have stolen market share in recent years.

Nasdaq will concentrate its resources and efforts on landing more new stock offerings, attracting listings from other markets and increasing its share of trading volume, Greifeld said.

He also said Nasdaq may never have an initial public offering, as it once planned. Some privately sold shares of the market already trade on the Bulletin Board. They rose 70 cents to $7.80 on Thursday.