The cause of Thursday’s nearly 1,000-point stock market meltdown was electronic trading, not a “fat finger”, New York Stock Exchange Euronext CEO Duncan Niederauer told CNBC Friday.
Niederauer was referring to reports on Thursday that a trader error caused the market's sharp swing by typing a "b" for billion instead of an "m" for million.
“The rest of the market has to respect us and not trade through us,” Niederauer said, referring to the “60 to 90 second” period when stocks such as Procter & Gamble [PG 60.16 -0.59 (-0.97%) ] and Accenture [ACN 40.34 -0.75 (-1.83%) ] , fluctuated violently.
“Everybody has to be concerned about this technology. How fast is too fast? When is enough is enough? That’s what we’re trying to figure out,” Niederauer said.
Niederauer did not choose to get into a feud with Nasdaq CEO Bob Greifeld, who blamed the NYSE for the error. “Let’s stop the fingerpointing and move the ball forward. We’re not walking away from this but let’s be constructive.”