07.24.2017
By Rob Daly

Nasdaq Fixed-Income Head Departs

After approximately ten months at the helm of Nasdaq’s fixed-income, currency, and commodity business, John Shay has decided to leave the company reported newsletter Trading Places citing a client correspondence that Markets Media has subsequently obtained.

“John has been instrumental in driving product expansion to further strengthen the Nasdaq Fixed Income offering,” wrote Tom Whittman, head of global trading and market services at Nasdaq and who authored the letter. “He also helped to increase operational efficiency to better facilitate how we develop and bring new products to market with more harmonization and control. I want to thank John for his hard work and wish him well in his future endeavors.”

Nasdaq declined to comment further on Shay’s departure.

Shay joined Nasdaq as senior vice president and global head of fixed income and commodities in October 2016, when he departed electronic market maker Virtu Financial, where he was senior vice president of global markets from 2012 to 2016.

Three months into his term, Nasdaq announced that it would take a $578 million charge related to the write down of the eSpeed trade name, which it purchased from BGC Partners in July 2013. The global exchange operator also shuttered its European fixe-income trading platform NLX.

As a result of Shay’s departure, Nasdaq will fold in its FICC businesses-US Treasuries and global commodities as well fixed income, clearing, and broker services activities in the Nordic and Baltic markets-into the exchange operator’s global trading and market services business, which Whittman will continue to lead.

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