Market Structure Congressional Hearing
NYSE Euronext CEO Duncan Niederauer offered testimony to the House Financial Services Committee on enhancing investor confidence and increasing innovation and competitiveness in equities markets.

NYSE Euronext CEO Duncan Niederauer offered testimony to the House Financial Services Committee on enhancing investor confidence and increasing innovation and competitiveness in equities markets.
Though many of our markets operate electronically using cutting edge, ultrafast technology, we believe nothing can take the place of human judgment and accountability. It's this human connection that helps ensure our strength, creating orderly opens and closes, lower volatility, deeper liquidity and improved prices. For over 200 years, we've maintained a steadfast commitment to stronger, more orderly financial markets. And we intend to keep that tradition going for the next 200.
DMMs are the only market makers obligated to dampen volatility and meet depth guidelines. Approximately 90% of their activity adds liquidity to our books.
SLPs are aggressive liquidity suppliers who complement and add competition to existing quote providers. About 89% of their activity adds liquidity to our books.
Floor Brokers are independent, electronically-connected agents with access to advanced algorithms. Approximately 61% of their activity adds liquidity to our book.
A range of market makers and brokers represent orders through NYSE’s automated trading. Many of the market makers on Nasdaq are also active on the NYSE.
"Our high-tech, high touch model gives customers a lot more flexibility, visibility, and liquidity"
— Larry Leibowitz
Chief Operating Officer, NYSE Euronext
“As NYSE Euronext reshapes its business model, it reshapes global finance.” — Duncan Niederauer, Chief Executive Officer, NYSE Euronext
The New York Stock Exchange trading floor is being transformed into a 21st century trading environment.
We attract tech companies because we are a tech company. Our slew of new Tech IPOs have been well-received by investors.