NYSE facing big changes

RADICAL change is on the way for the New York Stock Exchange 'sooner rather than later', interim chairman John Reed said on his first day in the job.

But the embattled board will have a reprieve of a few weeks as he conducts a thorough review of governance.

With a more conciliatory approach than many expected, the former Citigroup executive said NYSE directors would be consulted in that review.

'Clearly they are useful. They've been around for a while,' Reed said. 'We all make mistakes and that does not mean they have nothing to contribute.'

Reed said that he had tried unsuccessfully to persuade the two directors who have resigned, to stay.

He insisted that he wanted to leave the job and return to retirement as soon as possible.

It was too early to discuss any changes, he said. While he had met Securities and Exchange Commission chairman William Donaldson to discuss the issues, Donaldson had not told him what to do. 'It is simply a problem to him and not an opportunity,' he said.