By Telis Demos in New York and Jeremy Grant in London

Nasdaq OMX?s board of directors is discussing the possibility of changing Nasdaq?s leadership structure, which could include Robert Greifeld being named chairman in addition to chief executive, people briefed on the discussions said.

The discussion comes as NYSE Euronext and Deutsche B?rse?s deal appears at risk of being called off due to strong opposition from antitrust regulators in Europe.

It is likely to stoke anticipation that Mr Greifeld may be trying to clear a way for a potential merger to capitalise on his rivals? failure by seeking the ability to offer up the chief executive role to a merger partner as an inducement to complete a deal.

However, people familiar with Nasdaq?s thinking said that no such deal talks were being held.

A Nasdaq OMX spokesperson declined to comment.

Mr Greifeld, 54, has been chief executive since 2003, overseeing an aggressive evolution of Nasdaq from a US cash equity marketplace to a global group, merging with Sweden?s OMX stock and derivatives exchange and the Philadelphia Exchange, one of the US?s largest options markets.

He is said to have strong support from the board to continue as chief executive and has no plans to retire. Last year saw record earnings for Nasdaq OMX as it slashed costs and expanded market share in options, though its share price has languished along with other capital markets groups?.

Nasdaq has recently launched a series of acquisitions of market services and technology groups with the aim of diversifying Nasdaq?s revenues away from trading.

But moves to dramatically transform Nasdaq?s footprint have struggled. Last year, the US Department of Justice blocked its bid, jointly with the IntercontinentalExchange, to buy NYSE Euronext and break up the planned tie-up with Deutsche B?rse.

Nasdaq has also twice attempted to merge with LSE, the first time calling off a friendly merger, then later having an unsolicited bid rejected by shareholders of the LSE, then under the leadership of Dame Clara Furse.

Richard Repetto, analyst at Sandler O?Neill, said the board move may be a way to ease potential discussions with other exchanges.

?Mr Greifeld?s potential elevation to the role of chairman could facilitate a merger with another exchange peer as it would remove a cultural conflict over who would run the combined company as CEO,? said Mr Repetto.

The board discussions were first reported by Fox Business News.

A move by Mr Greifeld into the chairman?s role, even if temporary, might raise corporate governance concerns. Many shareholders and experts argue that the chairman and chief executive roles should be separate.

?It goes without saying that a stock exchange ought to exemplify good governance,? said John Wilcox at Sodali, a corporate governance consultancy.

Mr Wilcox noted that some companies combine the role for strategic reasons but emphasised that ?a board chairman and a CEO have different roles to play?.

During Nasdaq?s takeover bid for NYSE, Nasdaq argued that good corporate governance practices were not observed when NYSE?s board did not offer up Nasdaq-ICE?s counter-proposal to a shareholder vote.

? The Financial Times Limited 2012