The appointment of Goldman Sachs' John Thain as chief executive of the New York Stock Exchange is likely to usher in a new era of electronic trading at the embattled exchange.
Thain will start the job in mid-January and will immediately undertake a full-scale review of the exchange's operations in an effort to restore confidence in tthe institution which has been damaged by pay and governance scandals.
Earlier this week Nyse and its system of specialist marketmakers were the subject of a lawsuit issued by pension fund Calpers, which alleged widespread malpractice and fraud in the trading of large blocks of shares on the floor of the exchange.
Thain has been president and chief operating officer of Goldman Sachs since May 1999 and previously oversaw its European operations as well as Goldman's involvement in electronic trading platforms.
At a press conference, Thain indicated that technological change could be on the agenda for the Nyse.
"My goal is to ensure that the exchange remains the world's most liquid and most efficient marketplace," he said. "That may involve a degree of more electronic trading, but that remains to be seen."