Traders Magazine spoke with Chuck Mack, Vice President, Head of Strategy & Market Structure North American Markets, Nasdaq, who won Best in Market Structure at the 2024 Markets Choice Awards.
Briefly describe your background and career to date.
I am proud to say I have been at Nasdaq for over two decades. When I started in the equities space, I was at a small firm called Brut ECN (Electronic Communications Network). The industry was experiencing rapid technological change with the electronification and automation of trading. In 2004, soon after I started at Brut ECN, Nasdaq acquired the company, adding to an already explosive period of growth for Nasdaq and propelling my career.
Currently, I am the Vice President and Head of Strategy for Nasdaq’s North American Markets Services. However, since that original acquisition in 2004, I have worked across almost every role in North American Markets, from equities to options to futures. In them, I navigated some of the most pivotal and challenging times for the capital markets, including the 2008 financial crisis, the global pandemic, and one of the biggest IPO booms since the dot com era, where I learned the importance of resiliency and adaptability in our industry.
What is your current role and how do you excel in the role?
As I mentioned, in my current role, I am the Head of Strategy for Nasdaq’s North American Markets. In that role, I am responsible for the strategic direction of the business unit, as well as market structure, public policy, innovation, and capital allocation. When defining success for my role, I think it requires a broad vision across our business and a deep understanding of what will improve liquidity, transparency, and integrity for Nasdaq and the entire financial services ecosystem.
Which areas of Market Structure excite you the most?
Nasdaq has long been an agent of change and transformation and that continues with recent modernization efforts where we’ve been using newer technologies to evolve the markets in positive ways. For example, we’re leveraging AI technologies in a thoughtful and deliberate way across our markets in programs like strike optimization in the options markets and Dynamic M-ELO on Nasdaq.
On the regulatory front, there are currently several market structure proposals from the SEC that together represent the largest regulatory overhaul the markets have seen since the Regulation NMS package in 2005. While we always support positive reform, we note that the SEC should be cautious not to do too much at once and should always keep the integrity of the markets in mind when implementing change. Overall, I am excited about Nasdaq’s role in working with our clients to champion effective and data-backed evolution of the markets.
What would be your advice for someone starting a career in finance?
In any role, it’s essential to understand your company and business’s role in the industry and continue thinking about how you can make that experience better for your clients and stakeholders. For example, my team recently kicked off an innovation campaign where anyone from every level to executive could contribute an idea, they believed would drive the future of Nasdaq forward. Some of the ideas I was most impressed with came from those newer in their careers. They understand Nasdaq’s role in the markets and came up with solutions to some of the market’s most complex problems.
What are your goals for the future?
Being a part of the evolution of the markets has always been something rewarding. I’d like to continue to play that role while also ensuring Nasdaq’s clients’ voices are heard and considered as the markets change. With the right strategic vision for Nasdaq’s North American Markets, I believe we can modernize markets and drive economic progress for all.
