Duncan Niederauer will do a great job as CEO of
, Jim Cramer said on
"Stop Trading!" segment Wednesday. Niederauer replaces John Thain, who is leaving NYX to run
"Duncan is a cost-cutter. He's a pro-technology buff. ... He's not a friend of the specialists." Cramer said "the specialists represent an older school of thought."
Cramer said he expects cost reductions this quarter, adding that Niederauer has "learned a tremendous amount" since joining the exchange several months ago. Niederauer had previously been a trader at
Cramer stressed that NYSE Euronext is "not half European, it's majority European, and it's a weak-dollar play. ... Two-thirds of the income comes from Europe." Even though NYX is "hated," Cramer believes it's now on the right track.
Meanwhile, Thain's arrival at Merrill Lynch means there will "no longer be any nonsense," Cramer said. "Thain is a no-nonsense guy." Unlike former Merrill CEO Stanley O'Neal, Thain is "a coalition builder ...
who will be able to make the company whole again." Unlike
, which Cramer says is in "disarray," Merrill should be able to right itself.
At the time of publication, Cramer was long GS and NYX.
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