When Adena Friedman takes up the role of CFO of Nasdaq OMX Group Inc. in July, she'll face many challenges in overseeing the finances of the world's largest exchange by value traded. Among them: the global recession, increased competition and uncertainty about new regulation. Challenges can be opportunities, says the 39-year-old, who's now executive vice president of corporate strategy and global data products.

She sees the market's demutualization in 2005, intense competition in the trading space and the acquisition of Nordic and Baltic exchange operator and technology provider OMX AB last year as important milestones during her tenure. Emerging from the shadow of the National Association of Securities Dealers, which founded Nasdaq (NASD Automated Quotations) in 1971, was key.

"Going public in 2005 was critical because it allowed us to look at a broader constituent base, rather than existing on behalf of broker-dealers," she says. "Now, we can balance out those interests [of broker-dealers and shareholders] and make the best decisions for the company. There's a lot more choice available to us."