Bloomberg has hired away NYSE Technologies CEO Stanley Young to be CEO of its Enterprise Products and Solutions (EPS) division. At Bloomberg, Young will report to Mark Pesonen, who is elevated from the CEO role to become chairman of that division.
According to a Bloomberg spokesperson, Pesonen "will continue to oversee the long-term vision and strategy for the EPS business, its products and technology," adding that Young will focus on day to day activities of running the business. Among others reporting to Young, Roseann Palmieri will continue as global head of enterprise data management. Palmieri's remit includes the recently-acquired PolarLake business, which will be operated as an independent unit.
Young had led NYSE Technologies - the commercial technology arm of exchange operator NYSE Euronext - since its formation at the beginning of 2009. During his tenure there, he oversaw the rollout of the exchange's data centres in Mahwah, NJ and Basildon, near London in the UK, as well as other centres in Toronto and Tokyo, as well as the development of a range of products from matching engines, to order-routing networks, to messaging middleware and data feed services.
Young also was responsible for NYSE's development, and subsequent open sourcing, of its market data and messaging API, an initiative known as OpenMAMA. By going the open source route, the NYSE is hoping to establish OpenMAMA as an open industry standard, a goal that Bloomberg also has for its own BLPAPI. Observers suggest that Young will continue to push Bloomberg into the world of low-latency market data and delivery offerings, with BLPAPI as a key element, unifying data access across the enterprise.
NYSE Technologies has begun a search for a replacement for Young, to keep on track with its goal to double current revenues to reach $1 billion by 2015. Given current market conditions, that could be a challenge, though the unit continues to grow against a backdrop of lower trading volumes, and revenues from that activity.