What's next for NYSE Euronext as Thain leaves for Merrill? We were the last show to speak with the new CEO of NYSE, Duncan Niederauer.
On June 21st Fast Money asked Niederauer about the future of the NYSE. He said, “A lot of people in the marketplace believe that when you embrace technology, that means the endgame is a wholly electronic market and you won’t have a floor, you won’t have human intervention anymore….I think our general view is: that's yet to be proven if that's the right market model.”
He added in five years, “I’ll be here, and the floor will be here – I can promise you that.”
CNBC’s Charlie Gasparino doesn’t necessarily believe what Niederauer told us. Niederauer is a major advocate of electronic trading, said Gasparino. I think the trend will be easing out specialists. And he’s going to have a tough road ahead to prove the NYSE is actually different from the NASDAQ and the other electronic trading models.