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From Bit Valley To Bitcoin: The Nasdaq Odyssey

Author

Listed:
  • Mark Lennon
  • Daniel Folkinshteyn

Abstract

Over the past 15 years, NASDAQ, the world’s first all-electronic stock exchange, has actively engaged in efforts to serve the global digital economy by expanding its reach beyond its original domestic U.S. market. They have attempted to create a global 24/7 trading platform, to serve customers in the U.S., Japan, and Europe. These efforts have met with varying degrees of success. More recently, the renamed NASDAQ OMX Group has been experimenting with the disruptive fintech (financial technology) Bitcoin and its underlying technology blockchain to develop robust trading solutions, which drastically reduce transaction and record keeping costs. In this paper we analyze the various approaches taken by NASDAQ in its expansion ventures. We describe the similarities and differences in these undertakings, in order to identify successful strategies for firms who desire to increase the quality of their products while increasing efficiency and reducing the costs of their services. Drawing upon the strategy literature, we also develop theoretical models on how markets operate, and derive a series of propositions about the interplay between technology and markets.

Suggested Citation

  • Mark Lennon & Daniel Folkinshteyn, 2017. "From Bit Valley To Bitcoin: The Nasdaq Odyssey," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 11(1), pages 85-103.
  • Handle: RePEc:ibf:gjbres:v:11:y:2017:i:1:p:85-103
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    Citations

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    Cited by:

    1. Zura Kakushadze & Jim Kyung-Soo Liew, 2018. "CryptoRuble: From Russia with Love," Papers 1801.05760, arXiv.org.
    2. Guych Nuryyev & Yu-Ping Wang & Jennet Achyldurdyyeva & Bih-Shiaw Jaw & Yi-Shien Yeh & Hsien-Tang Lin & Li-Fan Wu, 2020. "Blockchain Technology Adoption Behavior and Sustainability of the Business in Tourism and Hospitality SMEs: An Empirical Study," Sustainability, MDPI, vol. 12(3), pages 1-21, February.

    More about this item

    Keywords

    Bitcoin; Blockchain; NASDAQ; Stock Exchanges; Markets; Disruption;
    All these keywords.

    JEL classification:

    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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