Warren Langley has quit as chief executive officer of Nasdaq Liffe Markets following a wrangle over remuneration. His departure comes less than two weeks before the new joint venture company is due to begin principle to principle trading of single stock futures.
In a statement, NqXL says Langley left his post "following an inability to agree on mutually acceptable contract terms".
Langley joined the new trading venture in late June from the venture capital industry. Prior to this he served for three years as president and chief operating officer of the Pacific Exchange.
Robert Fitzsimmons, NqXL's recently appointed president and chief operating officer is take over the reigns as acting CEO.
He says the launch of NqLX remains on track for day one trading when permitted from a regulatory standpoint - expected in late December. He comments: "Nasdaq Liffe Markets is firmly on track and committed to delivering an attractive and competitive service to investors and market participants for the trading of single stock futures on the first day they are permitted. We are moving ahead on all fronts – technology deployment, regulatory approval, and a market structure providing transparency and liquidity."
News of Langley's departure comes as NqXL announced its board of directors, comprising equal representation from both Nasdaq and Liffe. Board members include Hugh Freedberg and Peter Friend, Liffe CEO and COO respectively, John Hilley and Richard Ketchum, Nasdaq chairman and president, Richard Sandor, chairman & CEO of environmental financial products and a member of the Liffe board of directors, and an additional Nasdaq representative to be announced shortly.
NqXL was established in March to take advantage of the repeal of US regulations under the Shad Johnson Accord, allowing for the trading of single stock futures on US regulated exchanges for the first time. Headquartered in New York, Nasdaq Liffe Markets also has offices in London and Chicago.