The New York Stock Exchange Euronext (NYX) will name former Goldman Sachs (GS) electronic stock-trading guru Duncan Niederauer as its co-CEO and president after its current CEO John Thain leaves to pursue a career with Merrill Lynch . The formal announcement is slated for Wednesday. Niederauer has recently been seen schmoozing with NYSE investors and floor traders, as rumors of a virtually absent Thain have circulated the Street.
As a result of the executive swap meet, shares of Merrill have tacked on as much as 4.23 points in Wednesday's trading. The good tidings couldn't come sooner for the financial sector, as most investment equities have been hit hard with subprime related write-downs. Currently, MER holds the lowest possible Zacks rating of 5, which means the corporate switcharoos could bully some room for upgrades.