Skip to content
Subscriber Only

NYSE Euronext's Duncan Niederauer on Botched IPOs, Lost Trading Volume

On the eve of the Big Board’s acquisition by ICE, its CEO reflects on dwindling investor confidence and the impact of Facebook’s botched IPO

Photograph by Daniel Shea for Bloomberg Businessweek

You’re being bought by IntercontinentalExchange. How does a 13-year-old futures exchange make a play for a 220-year-old American institution?
It’s an illustration of how quickly the world is changing, and particularly how our industry has changed, that a company that young can find that much success so quickly. But the other thing I remind people of is we’re 220 years old—in fact, our European exchanges are even older than that—but we’ve only been a public company since 2006, for less time than ICE has been a public company. So, we’re actually a pretty young company in some respects because for 200-plus years we operated basically as a club that was run for the benefit of the members, the seat owners.