NYSE CEO to Step Down

Duncan Niederauer will retire as CEO of the New York Stock Exchange, effective immediately. Starting in 2007, Niederauer served as the President and co-CEO of NYSE Euronext, and oversaw their acquisition by the Intercontinental Exchange 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." ICE’s 2013 acquisition NYSE Eurovision was a signal that the future is rooted in electronic trading instead, and that the classic floor trading model would become a thing of the past. Wednesday, the Goldman Sachs Group GS sold almost all of their remaining space on the historic NYSE trading floor to a Dutch high-speed trading firm, which represents the change in attitude regarding floor trading. Niederauer will remain with ICE as co-President until August of this year, but will be succeeded immediately by current COO Thomas Farley. His tenure will be looked upon positively, having navigated the firm through one of their toughest periods to date. While CEO, he had to manage the company during the 2008 recession, and the Occupy Wall Street protests.