Nasdaq pulls out of single-stock futures business

US electronic stock exchange Nasdaq has pulled out of its joint venture with Euronext.Liffe to create a market for single-stock futures.

Nasdaq said that as part of a strategic review of its business it has agreed to forgo its stake in the joint venture known as NQLX. It will transfer ownership to Euronext.Liffe, which will assume financial and management responsibility for the business.

“We will focus only on products, services and initiatives that help us achieve our goals of delivering a better solution to investors, market participants and listed companies,” said Robert Greifeld, Nasdaq’a chief executive.

Euronext.Liffe said NQLX’s management and operations would continue unchanged. “We look forward to building on the existing strong technology and operational capabilities, working closely with NQLX chief executive Tom Ascher and his experienced management team,” said Hugh Freedberg, Euronext.Liffe chief executive. “With them we look forward to growing NQLX’s security futures franchise in the US, a market which is still in its infancy.”