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NEW VICTIM AT THE LONDON EXCHANGE?

ON THE HOT SEAT: THE LONDON Stock Exchange on June 11 named Gavin Casey, formerly chief operating officer of Merrill Lynch-owned Smith New Court, as its new chief executive. Casey is the third CEO in as many years for the embattled exchange, which is struggling with new competition and an internal fight over its future. His predecessor, Michael Lawrence, was fired in January for moving too quickly to replace London's antiquated trading system. Now Casey will have to oversee the transition, balancing the interests of his former employer with those of investors seeking lower trading costs.

EDITED BY KELLEY HOLLAND


Updated June 14, 1997 by bwwebmaster
Copyright 1996, Bloomberg L.P.
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