DIFX Announces New Directors Following NASDAQ OMX Deal
The Dubai International Financial Exchange Ltd (DIFX) has announced the composition
of its new Board of Directors following the closure of a deal between the DIFX,
Borse Dubai Ltd and the Nasdaq Stock Market, Inc., which resulted in the NASDAQ
OMX Group, Inc. acquiring a 33.3% stake in the DIFX. The two new DIFX Board members are Robert Greifeld, Chief Executive Officer
of NASDAQ OMX Group and Adena T. Friedman, Executive Vice President, Corporate
Strategy of NASDAQ OMX Group. Mr Greifeld will serve as Vice Chairman of the
DIFX and as a member of the DIFX’s Nomination and Remuneration Committee.
Ms Friedman will serve as a member of the DIFX’s Market Oversight Committee. Greifeld has a 20-year history in technology, and as an entrepreneur created
one of the first electronic stock order matching systems. He has been
a strong advocate of modernizing stock markets to improve trading quality and
performance for the benefit of companies and investors. Friedman joined NASDAQ in 1993 and has served in several roles. However, she
was instrumental in directing NASDAQ’s May 2007 offer for Nordic exchange
operator and technology provider, OMX Group. In 2006, in addition to NASDAQ’s
majority stake building in the London Stock Exchange, she oversaw the arrangement
of several working agreements between NASDAQ and other exchanges including JASDAQ
(Japan), and the Korea Exchange (KRX). The rest of the DIFX Board membership remains unchanged and comprises: Soud
Ba’alawy (Chairman), Per E. Larsson (Chief Executive Officer), Maha Al-Ghunaim,
Bisher Barazi, Mohamed Binbrek, Essa Kazim, Gerald Lawless, George Möller
and Shadi Sanbar. Mr Ba’alawy and Mr. Kazim will serve on the newly formed NASDAQ OMX
Group Board. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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