John Thain, CEO of the NYSE Group, has managed to quiet skeptics by successfully creating the first trans-Atlantic stock exchange by merging the New York Stock Exchange with Euronext.
“They overcame the skeptics,” exchange analyst Larry Tabb told the Financial Times. “The NYSE pulled off the acquisition of a lifetime, implemented the hybrid, cut costs to the bone, increased revenue, became profitable and held off virtually all of the upstart and recapitalized regional exchanges and electronic communication networks.”