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Putnam: NYSE Intimidates and Abuses Power

Traders Magazine, September 2003

Gregory Bresiger

Archipelago CEO Jerry Putnam, in recent public comments, said the NYSE has remained on top of the listed business because Dick Grasso was "a tremendous competitor" who used intimidation and monopolistic practices. The NYSE is both an exchange and a regulator with powers that Putnam wants to be separated. "Dick Grasso was vindictive," said Putnam in comments to CNBC, which owns a stake in Archipelago, owner of ArcaEx. "People were afraid to speak up because of fear over regulatory pressure that the arm of the business could exert over them." (CNBC is selling its stake in Archipelago.)

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