Atlanta-based Intercontinental Exchange’s Jeffrey Sprecher, the derivatives boss getting ready to take control of America’s most storied stock exchange, believes stock trading is ready for big changes, reports the Wall Street Journal.
Sprecher, ICE’s chairman and chief executive officer, last week unveiled plans to buy NYSE Euronext (NYSE: NYX), the parent company of the New York Stock Exchange, for $8.2 billion.
The WSJ says that while ICE (NYSE: ICE) isn’t steeped in equities trading, Sprecher has plenty to say about it – including some views that challenge the prevailing wisdom and business models of many securities-trading firms.
Sprecher, 57, who started Intercontinental Exchange 12 years ago after a career in the electric-power industry, is against paying incentives to lure big traders onto stock exchanges, a common practice that exchange officials say is necessary to keep their markets in motion, the paper reports.
Read more: Atlanta Business Chronicle