The emergence of off exchange stock trading in the United States in the past 10 years has eaten away at the market share of the New York Stock Exchange and Nasdaq by breaking their duopoly.

But those two U.S.-based exchanges have had strong management to help them weather the storm, Liquidnet CEO Seth Merrin said at the Reuters Global Exchanges and Trading Summit.

Europe only last year began to allow competition for stock trading with the introduction of new European Union rules known as MiFID, which have forced the London Stock Exchange to slash prices.

But Merrin said that exchange CEO’s used to operating in a monopoly or duopoly are ill equipped to help navigate their businesses in a more competitive environment.

Merrin recalled telling Clara Furse, head of the London Stock Exchange, two years ago to get ready for competition.

“Even two years ago, they didn’t believe us- thought we were a fad,: Merrin said. “That’s why you see a Clara Furse go,” he said of the LSE head, who said in November she would step down. 

And Merrin lavished praise on the current management of the New York Stock Excahange, especially compared to a earlier head of the exchange:

“Can you imagine if (Dick) Grasso were still in charge of the Stock Exchange? It would, or could, be bankrupt today: they have excellent management.”