Former NYSE Director Ken Langone "Shocked" By How Many People Run The Floor

Ken Langone, former director of the NYSE (NYSE: NYX), told CNBC that he believed the only reason for NYSE Euronext and Deutsche Börse to merge is because the exchanges are losing market share and they are looking to cut costs.

Langone also said he was “shocked at how many people run the floor.”

With modern technology in place, everything can be done electronically, thus eliminating the need for traditional floor runners.