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NYSE Opens New Chapter With ICE Merger

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    NYSE Euronext CEO Duncan Niederauer on merging with the Intercontinental Exchange.

  • Duration 6:31
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Okay we're back up markets out a year ago at this time the New York Stock Exchange tried to merge with its German counterpart the Deutsche Boerse didn't happen regulators wouldn't allow -- And here we are a year later in the NYSE.

-- new dance partner being acquired by the IntercontinentalExchange.

-- -- over in Davos with the NYSE CEO just that she was a year ago -- to take it away lists.

I sure will and we -- joined by Duncan Niederauer the New York Stock Exchange CEO and and we were just saying what a difference.

One year makes things -- pretty grim one year ago and that merger did not go through so here we sit.

You have a new partner the IntercontinentalExchange.

Which is rather incredible -- let's talk about it I mean advantages -- your.

It's really day as I said at a dinner we hosted last night that at this time last year we were.

Closing a chapter in the book with a rather unhappy ending in here we are a year later.

Rather than putting that book aside opening -- -- chapter hopefully this will have a happy -- At that time when the ice was joining up with NASA tried to take a hall style action -- you sure.

Did you ever think that the ice would have been -- partner.

We always thought we were good partners for each other and as I think is I think as people are hearing now.

In fact after that after their attempts failed I didn't reach out to the -- CEO and say look I understand what you were doing I didn't take it personally.

Let's operator -- necessarily -- -- have to keep your options open.

Role as we know from the failed to which -- -- that there are no guarantees what I got engaged milestones -- you need to reach this the stumbling blocks you need to get over for deal approval did come I'm happy to report.

There aren't nearly the stumbling blocks that there were the last one to be perfectly honest -- I think the last thing I would have recommended.

Is that we engage in another transaction that had a lot of execution risk attendant to it.

We've only gotten initial reading so far obviously -- only announced a deal a month ago but it you know I think the regulators are ready appreciating there's so little overlap for these two companies.

We think the path is a lot smoother and less controversial oil for -- and find out tonight.

I know that you can't get into too many details what what is a realistic.

Timeframe for approval.

That the this outside lawyers you're telling me ended the year I think that's that that's as long as the DB deal took to get a prohibition and it went to the fullest extent of -- -- to review.

So I am I more hopeful that it's kind of a Q3 event this year that you were open.

-- -- who founded the ice the IntercontinentalExchange.

Marches to the -- of the different from that he's very entrepreneurial.

I guess the question is what role do you really think you will take -- ICI and again -- the New York Stock Exchange but when you have a guy like that.

Who's a very strong minded person -- very concerned about any.

Relationship initiatives that I think people who have seen us together since the announcement -- understand we didn't just meet each other.

That we know each other well we like each other.

We're probably the two most entrepreneurial.

CEOs and our industry I think.

We come from real business backgrounds.

We've always gotten along very well since the first time we met.

And I and I think we both believe -- march 2 pretty different -- to and I think we both believe that this design of this company -- works properly if you've got -- leader in the capital formation business which is sort of my.

Area of expertise.

And you've got the leader in the derivatives trading clearing business which is really what Jeff has built that's their core competency we do that properly I think it's a pretty powerful company.

Is he here at Davos is not right now 'cause he is ahead.

A different sort -- -- he's he's -- felt what he's actually meeting with further.

Policy makers in Europe this week so he's been doing the rounds in other parts of Europe this -- quality here is a pretty -- I think you'll see us divide and conquer you won't see us in the same place too often as we don't think that's the most sensible way to run of this.

As well here you are in Davos in the and you talk about everything that's happening.

Here there one getting that we have seen and that's the massive shift toward electronic trading and I know you and -- -- says the floor traders that the nice you're here to stay.

Can you really honestly say that I mean what would equity trading.

The event any different model than what we see that the rest of trading up there especially in electronic derivatives and end puts and calls it all that's out there.

-- so so there's a lot of answers to that question right and remember.

This is a story that seems to repeat itself right so when -- my predecessor got to the NYSE he was seen as a technocrat the floor was gonna go away.

When I arrived my recent experience has been an electronic trading over the floor was gonna go away.

Well we've done is invest in the building invest in the franchise invest in the market model and if anything the last year has taught us that.

Having a pilot who can take the plane off auto pilot when the computers are running a little -- Or having a model where people have obligations and where you have full transparency so that when someone's doing an IPO.

Everyone in the world knows exactly what's happening.

I think the models here to stay I think the floor as an important role to play -- that and it's not just about the brand but that's another reason to keep -- So of all the things you've been talking about the likelihood of doing doing something with that building -- than continuing to invest and it is not on the table.

Okay will remember that you -- that is we've got a lot of floor traders watching right now we're on the and the -- is the first interview with him and I got to strengthen those seven someone walks around the floors me and they said.

In three or four years you really think to -- going to be here.

And I said it found here will be here you tell me what it looks like today compared it would look like five years -- it's a completely different facility -- enough -- -- we wrap up here from Davos Switzerland accounts often and then it's time that's -- three full days here but I I'm leaving here feeling more optimistic than any other data -- ever left Jen I don't know what you're getting from all your gas costs and that's but anyway it's it's balance it's not it's not.

Effervescent is that over the top you know people are euphoric -- a lot more balanced and constructive than any other year I've been here.

And this is can be a pretty pessimistic place.

And that they they focus more on gloom and doom sometimes -- can -- and editor of a lot of optimism sort of the -- Duncan thanks person reading some of -- here -- it has appreciated thanks a -- -- and ahead of the New York Stock Exchange.

We will be bringing you reports all day long top top business leaders 3 PM eastern.

Andrew livers of Dow Chemical -- to -- hear that interview because he's one of the co chairs here McConnell says send it back to you on behalf of our.

New York Paris -- plus on based Fox Business -- will see from -- us back to you.

Very good job list you and everybody working with you over there was -- -- covered the World Economic Forum we will go back by the way to the floor.

Of the New York Stock Exchange which was mentioned in just a few minutes but were.

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