Marshall Carter, the New York Stock Exchange's new chairman, carries the stamp of the US officer corps. A graduate of West Point military academy, he is a decorated Vietnam veteran - and his father and both grandfathers were all generals.

This warrior background might explain why Mr Carter's favourite word is "leadership" - and why he says he is unfussed about the flap over the terms of the NYSE's landmark merger with Archipelago, or Arca, its smaller electronic rival.