"I am pleased that the NYSE, with the urging of the Securities and Exchange Commission (SEC), split the two positions. It is not a huge step, but it is welcomed. Unfortunately, it does nothing to address investors' overriding concern about self regulation and independence.
"In John Thain, the NYSE selected someone very capable, who obviously has the appropriate level of understanding of the trading functions and who is well liked by a wide range of people within the NYSE. We find no fault with his professional credentials, however, his selection doesn't add to our confidence that the NYSE leadership will be truly independent. After all, just yesterday we sued one of the specialist firms owned by the company he led, Goldman Sachs.
We hope the NYSE board will elect someone to the critical post of chairman who meets the public's smell test for independence."
