Can competition make NYSE look out for investors? Yes According to NASDAQ Head.

What caused the NYSE's governance problems?

Robert Greifeld the head of the NASDAQ (who admittedly has much to gain if he is correct). he argued that the problems (which manifested themselves in Richard Grasso's pay package) were possible because the NYSE was not being held in check by competition: "That was a direct relationship to the fact that they were not under competitive pressure...."