Bloomberg poaches NYSE data unit chief Bloomberg, the financial data and news group, has underscored its determination to become a significant player in the fast-growing data management business by hiring Stanley Young from NYSE Euronext, the transatlantic exchanges operator. Mr Young's departure, announced on Thursday, signals further upheaval at NYSE, which announced on Wednesday the impending departure of Garry Jones, the head of its derivatives business, as part of a management restructure. Trading in equity and derivatives markets has been soft in the past six months amid uncertainty over the eurozone crisis, and the group has responded by deepening cost cutting. Mr Young, who joined NYSE in 2008, was chief executive officer of NYSE Technologies, one of the better-performing parts of the group, which reported a 4 per cent rise in first-quarter turnover, although below its target of 10 per cent quarterly growth. NYSE is placing increased emphasis on supplying technology and services and connectivity to exchanges and data centres for traders after European antitrust officials blocked the group's planned merger with Deutsche Börse in February. The unit had set a target of reaching $1bn in revenues by 2015, double its current total, and Mr Young had been expected to play a key role. Instead, Mr Young will become chief executive of Bloomberg's enterprise products and solutions division. Bloomberg wants to push into the unglamorous world of managing ever-expanding volumes of data, at a time when regulators are mandating greater transparency around such information. To that end it purchased PolarLake, a privately held Dublin-based software maker, two weeks ago. The move pits it against Markit, a smaller London-based financial data supplier that recently bought Cadis, another enterprise data management company. Dan Doctoroff, Bloomberg's chief executive, said this month it would manage PolarLake independently to avoid any client concerns about it pushing Bloomberg data on them or sharing their proprietary data with other customers. Dominique Cerutti, NYSE's president and deputy chief executive, thanked Mr Young in a statement for "developing our technologies business into a leading platform serving the capital markets community," saying it was "transitioning into its next phase of growth."