Market Mover: Lessons from a Decade of Change at NASDAQ

Weekday in and out, most newscasts give a market report: stocks are up, down, or unchanged. While many people are interested in this information, far fewer are curious about its source. In his first book, Greifeld details the ins and outs of how the NASDAQ market index makes this reporting possible. He tells two intertwined stories. First, he explains the business role of the market exchange and how changes in technology, law, oversight, and politics shape the playing field on which the exchanges operate. Second, he relates the role of market leaders in forming focus, thrust, and the environment of NASDAQ. Greifeld recounts his experiences from his initial interview and heading NASDAQ in 2003 to his departure in 2016. Of particular note is the author’s ability to explain effectively how to evaluate acquisitions in terms of four risks: core business, geographic, cultural, and size/headcount. For a counterpoint to Greifeld, now chair of Virtu Financial, one should consider Michael Lewis’s Flash Boys: A Wall Street Revolt.