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Duncan Niederauer will retire as CEO of the New York Stock Exchange, effective immediately.

Niederauer has served as the President and co-CEO of NYSE Euronext since 2007. He oversaw its acquisition by IntercontinentalExchange (NYSE: ICE) in late 2013.

Niederauer said in a statement released Thursday morning that, “The transition to ICE ownership has gone smoothly, and with our integration well on track, accelerating the final stages of my transition will only extend that progress and provide clarity on future leadership."

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IntercontinentalExchange’s 2013 acquisition of NYSE Euronext was a signal that the future is rooted in electronic trading, and that the classic floor trading model would become a thing of the past.

Goldman Sachs (NYSE: GS) on Wednesday sold almost all of its remaining space on the historic NYSE trading floor to a high-speed Dutch trading firm, further representing the change in attitude regarding floor trading.

Niederauer will remain with ICE as co-President until August of this year and will be succeeded by current COO Thomas Farley.

Niederauer's tenure will be looked upon positively, having navigated the firm through one of its toughest periods to date -- while CEO, he had to manage the company during the 2008 recession and the Occupy Wall Street protests.

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