How to get on the Nasdaq billboard in NYC...!
Hej SBC Member!
We are very happy to have Nasdaq as our member of the Swedish Business Council and very keen to find out a bit more about how you, Michèle Carlsson ended up at Nasdaq, with a bit of information who Nasdaq is. Before we get to that though, we wanted to ask you how Nasdaq is managing during the COVID-19 pandemic. Anything you can shed light on?
We are very happy to be members at SBC and appreciate the team’s hard efforts to bring together the Swedish business community sharing experiences and helping each other thriving in the UAE and the region.
Regarding COVID, it has certainly been a stressful time for everyone around the world. That goes without saying. As far as Nasdaq operations are concerned, we are always in ‘business continuity planning’ mode which makes it easy for us to adjust to unique events. We rehearse at least 40 weekends a year on managing disaster recovery and operating our markets remotely. Our technology is designed to be redundant, keep core functionality during spikes and can remain robust during fail overs, and we are able to continue providing 24/7/365 operations support for our clients, which is very important.
Obviously, we look forward to when we can reunite with our colleagues and clients in-person, but for now, we’ve been able to manage the situation, I think, pretty seamlessly.
Thank you, Michèle. That’s good to hear. So let’s pivot to hearing about how you came to work at Nasdaq.
Sure, I started at Stockholm Stock Exchange as a system developer in 1998. My first engagement was to be part of the team that developed the new trading platform that later became the joint technology used by seven stock exchanges in the Nordics and also at Tadawul, the Saudi Stock Exchange.
In 2008 Nasdaq acquired OMX to expand its technology capacity and marketplaces reach to Europe. The Nasdaq and OMX marriage was very successful and we are continuously developing and disrupting traditional ways of running our business. Today, Nasdaq is the world’s largest technology provider in our industry and provides solutions to over 120 external marketplaces, clearinghouses & CSDs in 50 countries. In the Middle East, we provide our technology and services to more than 25 market places. We are a true tech company and are proud to expand our vision to include new markets outside the traditional capital markets.
In 2006 I got involved with our Market Technology business and moved with my Family to Cairo to take the role as CTO for a Joint Venture between Nasdaq and the Egyptian Stock Exchange. . I worked in downtown Cairo for three years, that was a phenomenal experience. Now live in Dubai with my husband, Fredrik. Our two sons grew up in the Middle East and now are back in Sweden.
Michèle Carlsson, MD at Nasdaq and Non-Executive Board Member
How is it to work in a fairly male-dominated market?
I have always worked in a male-dominated businesses and have very seldom needed to reflect over that. Maybe having three brothers have helped me to shape my personality but I also have two sons and cannot see that I ever thought, raise them this or that way because they are males.
I don’t like to think that I need to work harder because I’m a female and need to prove myself to be accepted. I’m not saying the Gentlemen Club has never existed in my long carrier, I’m saying that I have not allowed it to affect me negatively and learnt to turn the page when needed. In fact I always tell my female mentees to not feel that they have to take the extra mile because they are females, they should do it, because they want to achieve better.
Having said that, I think different genders function a bit differently and we should encourage these differences. I have been told many times to not use the expression “I feel” and I have never stopped using it. To generalize, I envy some males colleagues straight to the point capacity, but I also feel sorry for the ones that cannot express a feeling that is so fundamental for any solid decision making process.
Your work involve the Middle Eastern Market, have you seen any changes during the recent years from a business point of view?
I have been working for Nasdaq in the Middle East for the last 14 years. I feel comfortable to negotiate in a room full of men in Dishdash and cannot even imagine that anyone of them would think less of me because I’m a woman. They may be very frustrated because I’m a tough negotiator, which have sometimes helped as men in our region are often more respectful toward women and can be tougher with men.
Having said that, I have in some cases seen that female colleagues have been treated differently not because of disrespect, but because of the cultural uncomfortableness in communicating with females that are outside the family circle. I have done my part in highlighting the fantastic capacity that organizations have in their female employees and I can see that the whole region is moving and changing to a positive territory in this regard. I’m so proud to see today female colleagues in very high positions such as government officials, chairing and running major organizations in our region. Nasdaq has greatly acknowledged the “Women in Technology” by displaying their pictures and achievements on the Nasdaq Marketsite tower on Times Square. At least four of these women are from the Middle East.
What are your cultural business tips for anyone who’s new in this region and being a woman?
I have five rules that I stick to every time I visit a new place, that I think are useful for anyone wanting to engage locally:
Read a bit about the region to build up your basic knowledge and understanding of the culture and norms in the country you are doing business with.
Don’t hesitate to reach out to someone who lives or has been working in the region for advice. We are far too shy to ask for help and advice, just do it!
Dress professionally and don’t burn your credibility by choosing insensible dress code for official meetings. It is of course easier for women than for men to go wrong here, so for female colleagues, don’t cover yourself as a local, it is not necessary. Just think of the person you are meeting with and the environment he or she is used to. The goal is always to get heard and to reach an agreement which you only can succeed with when you get your counterpart comfortable speaking to you.
Be yourself and respectfully show that you are honest and transparent. All successful business is built on the bases of trust and this is extremely important in our region. When respect is achieved, it erases all gender and cultural differences.
Feel and sense the environment in the room. If your counterpart does not look you in the eyes or doesn’t reach out to shake your hand, don’t challenge them, a nod is accepted in all cultures and can open doors for you and your company.