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ICE CEO Jeffrey Sprecher and NYSE Euronext CEO Duncan Niederaur discuss ICE's takeover of the NYSE Euronext.
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The New York Stock Exchange getting taken Obama on CE is buying NYSE Euronext for more than eight billion dollars is what we want -- Will -- flawed trade and still be that all would go completed computers.
Charlie Gasparino on the floor of the New York Stock Exchange with -- -- -- -- -- -- -- just Duncan Niederauer.
Jeff sprinkler and they -- Brecher OK -- I guess I just wanna get this cleared up in my -- predicting the end of the world.
-- the -- that that December and the New York Stock Exchange sells the IntercontinentalExchange.
Is there any connection here.
If the world ends tomorrow I guess I guess that's it that's an execution risk we have that fact added to the kinds of nation are you okay so the mines -- The series seriously guys this is it and I think it's an amazing deal 200 year old institution.
Sense -- being taken over by a twenty years how does that happen.
Twelve year yeah.
Let's tell you you overstate my age him.
Well you know what's -- -- the New York Stock Exchange is a network it's obviously a network that started 200 years ago.
But today you could start a network.
And we you and I've been a part of watching networks create organically quickly.
And that's what technology has done that's that's what FaceBook is that's what Amazon is that's what eBay is.
And and so my company created a network that grew very very quickly that is very complementary to the network that 200 years ago some guys under a -- decided.
Strategies.
Stocks -- here you guys essentially -- a black box that trades commodities.
Isn't black that if not a year but I.
A very great box -- box and the music stopped and and this is what I've heard how this deal sort of materialize.
Last year you actually try to take over the new York stock I did.
And he doesn't hold that against and you don't know benefits -- now and -- that's just -- slightly ahead Michael Corleone he says it's just business at the great attribute that but but here's what I heard.
Okay it at that point.
There's a there's an analyst Richard -- really got -- Can you say.
What you -- We talked about it you -- and you said I would do a deal but dumped won't give up CEO.
And then rich -- to -- and said is that true and he said he would to do a deal that was.
Better for the -- -- I don't know where you get your information Charlie -- We should -- confirmation it was just it was -- another one of these times are you retain we really guess bartenders somewhere something different autism and -- That's -- -- we've known each other for a while.
-- business is business.
Jeff reproach me this year we are -- clean the slate column appears exercise.
Several weeks ago to hasn't been that long in this pretty quickly we -- this pretty quickly.
And I and our view is the time is right for both of us let's see if we can get this done.
He's the best CO in the exchange industry in my view.
But I'm happy to be president of the company alongside Jeff is the CEO the teams have already been working great together.
This is and it's about shareholder value if you see an opportunity to transform the company.
Like I thought we did here and to change its trajectory of the company and to -- with someone who we always thought was a great team to combine with.
And you get a great leader of the other organization I promise it is no controversy here we literally didn't talk about it because it was obvious gesture -- -- you know I'm happy to stand as the president.
Obvious question -- gonna ask you see the floor there are people still here right your electronic guy right will still be floor traders absolutely because what these people did hear is they prevented flash crashes.
They.
Are here and at times of emergency I mean it's been interest thing I was one of hundreds of people on the telephone when hurricane sandy was coming through.
And we were all asking what should we do how should the markets work and you know what everybody turned to Duncan.
And asked Duncan what are we gonna do.
It in times of stress this economy turns to the New York Stock Exchange it is there -- -- -- -- people.
And to the people that are here there is a reason that there's an American flag wrapped around -- front of this building there is a reason that there are hundreds of course -- process industry that you were committed to the floor traders have to keep -- here absolutely in this building that with this name.
-- correct -- role in the new company is going to be more focused on this I'll be less spread out as Jeff has a more than capable derivatives team to take care that piece of it.
-- be discussions I'm -- about the European exchange assets and -- the policy makers in Europe would like to have them back I think we opened the door yesterday to say that's their call.
So that gives me the opportunity be more focused on the brand and the US assets which include this.
Without -- Got to know you a little bit now.
You -- kind of itching to do something else I believe.
Is this your exit strategy.
There's no -- mean it's about shareholder value creation and our parents did teaches if you try something that you thought was a good idea and you -- that doesn't mean you give allowing you to be here and I'm not I've committed to stay at least through the end of 2014.
And if we're -- -- working together it'll be longer.
He's not -- me the exit just to be -- and I'm not looking for one.
After a -- -- but I wanna ask you this.
You've been a guy that created tremendous shareholder value value -- content behind the scenes right.
Headquarters here -- -- We're gonna be in both places and I'm gonna continue to be behind the scenes so so you're not -- easily could have is easing he's still the public face that probably gasoline looters -- getting dressed like I sure hope so because I'm not a particularly good public face and he's great at -- well.
Minute that if it's I think we're Jeff and I both agree on and we're not gonna get into what the name of the new company is going to be.
-- YSE brand which I feel has been an unbelievable platform for us to do great things for and with our customers.
I'm happy to continue to be the face of that brand and I'm happy to be his deputy of the new company this is a no brainer.
Or before I I might wrap this up that you're -- -- now what -- -- Bob I'm good like that you can't get rid the NYC and name canyon.
And we know I think it's actually see inscribed on the front of the building in limestone -- It weighs in your name and I don't know what that group will be call we haven't talked about it yet.
Clancy brand you have the -- brand you have -- year and -- -- right now while we're committing to was all the brands are gonna survive.
But we're not gonna get into the name game everywhere -- have a nice holiday and we'll talk about it externally -- between us now we're gonna be operating fourteen global exchanges.
And five -- outside we have quite a great friend again -- -- -- -- was.
Well we were saying that last night and -- by the way back from London it if if ice got -- Ellen -- deal done and we -- did you bush deal done.
We would be having the pleasure your company and you're glad we recognize that hostile takeover.
Yeah I mean I I'm no way at the time I did that EL I wanted to do that deal has been -- -- -- everybody here.
But I.
I have aspirations -- great we'll leave that to another it to you guys thanks to expected to appear guys back to you.
