Niederauer: NYSE/DB Merger Is "Not A Sale" Of NYSE

Duncan Niederauer, the CEO and Director of NYSE Euronext, Inc. NYX, spoke to CNBC today to clear up some of the confusion surrounding the merger between the New York Stock Exchange and Deutsche Börse. “It is not a sale of the NYSE,” Niederauer said. While Deutsche Börse's market cap may be higher, Niederauer insists that 55% of the NYSE will be owned by U.S. shareholders. This merger will allow NYSE Euronext to create the first diversified exchange. “And it gives us opportunities to create our own destiny going forward,” Niederauer said. “If you think about it, what I've said for two years is exchanges should be competing across the value chain.” With regard to the new name that will come from the merger, Niederauer would not reveal anything just yet. He did, however, say that it would not be called the DB/NYSE Group. Further, Niederauer addressed the worries surrounding the new board members, with 10 coming from Deutsche Börse and only seven coming from NYSE Euronext. However, most people don't realize that both stock exchanges have an international board. So while the majority of the board members will come from the U.S. and Germany, the new board will contain members from all over the world. Finally, Niederauer said that the physical New York Stock Exchange isn't going anywhere. “We like this place,” he said. “We're investing in this place. If anything, our U.S. footprint gets bigger. Under no circumstance are we closing the floor here.”