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...."
And surprise surprise, the NASDAQ has just the competition necessary to make the NYSE look out for investors: a dual listing program that allows NYSE firms to list their shares on the NASDAQ as well.
This dual listing plan went into effect in January, but few firms (7 according to Forbes) have actually listed in both markets. But if companies regularly evaluate their listing, the systems would have to compete "and make our product better," he said.
Forbes.com: NASDAQ Chief Comments on NYSE Controversey