Nasdaq Stock Market Inc., which has been criticized for its handling of some information technology issues, Tuesday named two new IT executives who are expected to help it cope with upcoming initiatives such as the conversion to decimal-based pricing and the rollout of a new front-end trading system.
Nasdaq announced the hiring of Steven Randich as executive vice president and chief technology officer and also said it had appointed Anna Ewing to be senior vice president of systems engineering, with responsibility for applications development and engineering for all domestic systems.
A Nasdaq spokesman said Randich and Ewing are additional executives for the stock market and won't replace any other managers in its IT department. Both will be based at Nasdaq's facility in Trumbull, Conn.
Randich, whose appointment is due to become effective Oct. 30, will report directly to Nasdaq CIO Gregor Bailar. He worked previously as CIO at the Chicago Stock Exchange and was responsible for a full renovation of that operation's systems, according to Nasdaq.
Ewing, who is scheduled to begin her new job next week, will report to Randich after his arrival at Nasdaq. She previously was the managing director for e-commerce at CIBC World Markets, the New York-based investment banking arm of the Canadian Imperial Bank of Commerce. That company is the second-largest bank in Canada.
The new appointments coincided with another technology-related announcement by Nasdaq - a multimillion-dollar deal to use Jersey City, N.J.-based Optimark Inc.'s technology development capabilities to enhance the stock market's trading systems.
"I think Nasdaq is in the process of trying to change the external perception of its technology," said Larry Tabb, an analyst at TowerGroup in Needham, Mass. "To some extent, Nasdaq does need someone shaking things up. Hopefully, some new blood will liven it up."
According to Tabb, Nasdaq has struggled with issues such as decimalization - the conversion from fractional pricing of stocks to decimal-based pricing - and its proposed SuperMontage front-end trading system, which has come in for some sharp criticism from operators of private trading networks.