Skip to main content

The Globe and Mail

U.S. lawmaker told NYSE team will run merged exchange

A top U.S. lawmaker Sunday said he was told that officials at NYSE Euronext , in talks to be acquired by larger rival Deutsche Boerse will have management control of the exchanges company if they merge.

U.S. Senator Charles Schumer, the senior senator from New York and a leader among Senate Democrats, told reporters he met with Chief Executive Duncan Niederauer on Friday and Saturday. Though he reserves judgment until a final deal is announced, Schumer said there are "a number of things to like" about the proposed deal.

Among them, "It will give managerial control of the new operation to the team from NYSE, with Mr. Niederauer installed as the new CEO," Schumer said in a prepared statement. He also noted that NYSE and Deutsche Boerse would be equally represented on the board of directors.

Story continues below advertisement

Bob Rendine, senior vice president for NYSE Euronext's global communications, did not dispute Schumer's comments.

"We certainly have a lot of respect for Sen. Schumer. We're delighted that he is engaged with us on this issue. We look forward to continuing keeping him up to speed on our progress, and on the potential benefits for New York and New York City."

The proposed sale of a 219-year-old symbol of American capitalism has so far drawn little protest from U.S. officials. New York Mayor Mike Bloomberg and U.S. Representative Carolyn Maloney have been supportive, arguing it is better that the NYSE be part of what would be the world's largest exchanges company.

That Schumer is raising questions of how this merger will be implemented might throw a wrench into what is already a complex transaction spanning a number of countries, regulatory bodies and markets.

"I intend to consider any potential deal from the same perspective that I always use: will it keep New York on top as the financial center of the world?"

Report an error
As of December 20, 2017, we have temporarily removed commenting from our articles. We hope to have this resolved by the end of January 2018. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to