The New York Stock Exchange (NYSE) has been embroiled in controversy for weeks now after its former CEO was forced to resign on September 17, 2003, over the secretive, excessive compensation package given to him. The financial scandals at Enron, Tyco, WorldCom, and now at the NYSE raise a serious concern over the state of corporate governance at American businesses. The NYSE case highlights the danger existing in stock exchanges. The stock exchanges, which are supposed to help the companies maintaining their corporate governance rules, are themselves surrounded in such controversiesHow will they then ensure better governance practices at corporates which are listed on exchanges? The NYSE is under tremendous pressure to take lead on corporate governance reforms. The outrage over Grasso's pay package also exposes other issues at the big Board and could trigger major changes. Ultimately, this could force the exchange to go public. What should the exchange do to regain its credibility?

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