Photo: CNBC screenshot
NYSE Euronext chief executive Duncan Niederauer shared his thoughts following today’s disastrous (now withdrawn) IPO of alternative exchange BATS Global Markets with CNBC’s Maria Bartiromo on “Closing Bell.”His take:
“I think what it teaches us and reminds us is what we already know. We open 3,000 stocks here everyday. This business has a much higher degree of complexity than I think people think it is. And in my view, it means one thing to be a liquidity venue or ECN. It means a very different thing to be an exchange where you list companies and have corporate issuers, etc. Huge impact on investor confidence. We have to take that very seriously. You know how seriously we take it here. Frankly, it’s why we have the high-tech, high-touch model. Tech is great, but I think we learned today the ability to intervene human judgment is valuable, too.”
Check out the clip below.