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Nasdaq splits company into three units to streamline operations

Sep 28 (Reuters) – Nasdaq Inc (NDAQ.O) said on Wednesday it was reorganizing its business into three divisions to focus on key growth areas as competition among exchanges intensified.

He said Marketplace Platforms, Capital Access Platforms and Anti-Financial Crime will be the new units which will focus on digital assets, carbon markets, providing information on investments in outside of US stocks.

The New York-based exchange, which competes with CBOE Global Markets (CBOE.Z), NYSE and its parent company Intercontinental Exchange Inc (ICE.N) and BATS Global Markets, said fourth quarter and first quarter results year 2022 will reflect the changes.

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Nasdaq’s efforts to streamline its operations come after the sector, which had largely catered to stocks and derivatives, underwent an upgrade as cryptocurrencies grew in popularity.

Last week, Nasdaq launched a digital asset business that puts it in direct competition with crypto exchanges Binance and Coinbase Inc (COIN.O). Read more

It has also expanded its financial crime technology to detect and reduce the risk of money laundering, fraud and market abuse.

A few months ago, a federal judge dismissed longstanding lawsuits accusing seven US exchanges of defrauding ordinary investors by quietly allowing high-frequency traders to trade faster and at better prices. read more read more

The restructuring aims to “accelerate our efforts in our key areas of growth through this new corporate structure, with our ultimate goal of becoming the trusted fabric of the financial system,” said Adena Friedman, president and chief executive officer of the Nasdaq.

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Reporting by Mehnaz Yasmin in Bangalore; Editing by Shinjini Ganguli

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