Capital Markets

NYSE at Techonomy 2010: Reinventing the Capital Markets

Matthew Stotts


August 5, 2010

Reinventing Markets
J. Doyne Farmer, Santa Fe Institute
Duncan Niederauer, NYSE Euronext
Barry E. Silbert, SecondMarket
Moderator: Justin Fox, Harvard Business Review

Duncan Niederauer, CEO of NYSE Euronext says public markets haven’t created a good solution for private companies and that innovation came mostly from unregulated banks and the shadow banking system.

Niederauer says there’s no question Congress has over-regulated and the cost of being a public company has run amuck. Now, he says, we need a private enterprise solution to drive the costs back. Raising the market cap exemption for companies *not* to have to comply with Sarbanes Oxley is a start.

The NYSE Euronext in more deeply invested in technology than any other global exchange, but Niederauer is also making sure not to rely too much on tech. “It’s not so bad to take the plane off auto pilot every once in a while,” Niederauer says. “There’s a place and a time, in times of turbulence… I like having the idea that you can actually slow it [the trading] down and discover the right price.”

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