The Intercontinental Exchange Group (ICE), a global nexus of exchanges and clearing houses, has announced the appointment of Thomas W. Farley as the President of NYSE Group, succeeding the CEO of NYSE Group and Co-President of ICE, Duncan Niederauer, according to an ICE statement.
ICE is responsible for a multitude of asset classes, including Forex and futures, among others. Despite the announcement, Mr. Niederauer will continue to serve as acting President of ICE through August 2014. Indeed, Mr. Niederauer served previously as the CEO of NYSE Euronext for six years, carving out a role as a mainstay with the group and having also witnessed the acquisition by ICE.
Succeeding him is Thomas W. Farley, the COO of the NYSE and former ICE Futures U.S. President, who, effective immediately will assume the title of the President of NYSE Group. According to Mr. Niederauer in a recent statement on the move, “It has been a privilege to lead this great, iconic organization, and I am very proud of all that we accomplished during my time at NYSE Euronext. Thanks to the extraordinary dedication and commitment of my colleagues, we strengthened the NYSE’s role as world’s premier venue for raising capital, and ensured that the NYSE is better positioned to compete in today’s complex and evolving global marketplace.”
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Niederauer deserves credit for steering the organization through the depths of the global financial crisis, which roiled the industry during the 2’000s. Furthermore, under his direction, the NYSE became a stable and consistent leader in Initial Public Offerings (IPOs), in particular securing 15% of technology IPOs in 2006 and a robust 54% in 2013. He also played an instrumental role in successfully brokering a deal and completing the NYSE Euronext’s acquisition by ICE. “The transition to ICE ownership has gone smoothly, and with our integration well on track, accelerating the final stages of my transition will only extend that progress and provide clarity on future leadership,” added Mr. Niederauer.
According to Jeffrey C. Sprecher, ICE Chairman & CEO in a recent statement on the move, “Duncan’s vision for advancing the NYSE saw the exchange through extraordinary change and positioned it for success on a global scale. And his ability to advance our team’s integration activities has put us well on track to achieving our stated operational and financial objectives as a combined company. On behalf of our Board, we are grateful for his leadership throughout this transition and we want to recognize his tireless efforts throughout his tenure.”
Stage Set for Farley
The move now paves the way for the ascension of Thomas W. Farley – “Tom has proven his leadership capacity and ability to manage organizational and market structure changes, both in his roles with us in transforming the New York Board of Trade and driving growth in our derivatives business. He is well positioned to lead the NYSE as we continue to build a customer-focused business for the future,” noted Sprecher in an accompanying statement.