The soft parade

The New York Board of Trade (Nybot) has demonstrated that a pure open-outcry exchange can survive and even prosper, prompting speculation it could emerge as an acquisition target. Nybot's president and chief executive, Harry Falk, talks to Jayne Jung about the exchange's strategic choices

It's little wonder that predators including broker-dealers, exchanges and private equity funds such as Connecticut-based General Atlantic – which bought a 10% stake in the New York Mercantile Exchange last November – are circling the New York Board of Trade (Nybot). In 2005, futures and options trading volumes on the 135-year-old exchange surged to nearly 38 million tickets – 20% up on its record-breaking performance of 2004.

Harry Falk, Nybot's president and chief executive, tells Risk that the