Nasdaq names Europe chief

Nasdaq's search has lasted ever since it bought Easdaq

The Nasdaq Europe stock market has completed its search for a chief executive.

Michael Sanderson will take charge of the European subsidiary of the US market place for hi-tech and other new economy shares.

He will report to Nasdaq International's chairman, John Hilley.

"We believe that he will be instrumental in building on the foundation we have set in Europe and in continuing to strengthen our presence in this key market for Nasdaq," said Mr Hilley.

The search for a chief executive has been ongoing since March when Nasdaq bought its smaller counterpart, Easdaq.

Mr Sanderson was formerly the chairman and chief executive of an after-hours stock trader for US shares, Market XT, which was sold to Tradescape just over a year ago.

Prior to taking the Market XT job, he has also been the chairman and chief executive of Reuters America Holdings, part of Reuters Group.