New CEO Says NYSE Won't Go Fully Electronic
New York -(Dow Jones)- Duncan Niederauer, appointed to take over as chief executive of NYSE Euronext (NYX) following the departure of John Thain, said the exchange wouldn't go completely electronic on his watch.
In an interview with Fox News, the electronic stock-trading veteran said: " Technology handles 85% of what comes in here everyday but the human element is important, so you will not see us go 100-zero."
He added also that he expected more moves like that of SIG Specialists Inc., a unit of Susquehanna International Group LLP, which asked NYSE Euronext to reallocate its role matching buyers and sellers of NYSE-listed stocks to Kellogg Specialist Group.
Niederauer also said he was eyeing consolidation in Asia.
In an interview with CNBC, he said: "Asia is completely untapped with some exchanges, including Tokyo, yet to go public."
He noted, however, that - unlike in Europe which had already started consolidating before the NYSE arrived on the scene to take over Euronext - there are few catalysts for consolidation in Asia.
"Asian exchanges will proceed with caution, looking at whether to consolidate among themselves before looking outside," Niederauer said.
"In Latin America, we would hope our 1% stake (in Brazil's Bovespa) turns into more; in Japan we hope (a strategic alliance with the Tokyo Stock Exchange) turns into an equity stake when they go public," Niederauer said.
-By Rupini Bergstrom, Dow Jones Newswires; 201-938-5293 |
