NASDAQ chief calls for new study on 'systemic risk'

REGULATION CALL: NASDAQ chief Bob Greifeld. (Getty Images)

The CEO of NASDAQ OMX, operator of the second largest exchange in the US, has called for a comprehensive study of systemic risk across global markets, in the wake of the financial crisis.

“We need a clear regulatory mandate where we have a regulator who has a fundamental and essential responsibility for systemic risk in the system. That’s the major gap in the regulatory structure today,” Bob Greifeld told Arabian Business in an interview.

“This is a global issue and I think coming out of this crisis we’ll look for more intelligent regulation of the over-the-counter market,” he added. “I think that will serve us well.”

With approximately 3,200 companies, the NASDAQ has more trading volume per day than any other exchange in the world.

The group also operates eight exchanges in Europe and holds one third of the Dubai International Financial Exchange (DIFX).

Greifeld will be in Dubai later this week to host NASDAQ OMX’s first Middle East Investor Conference on Nov 20.

The event, to be held jointly with the DIFX, is designed to provide the region’s investor community with the opportunity to meet

with and learn more about the strategies of leading listed companies, and provide companies with new exposure to the Gulf market.

The conference will also feature a discussion of the DIFX's new equity derivatives initiative and the regional potential for exchange traded funds.

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