The New York Stock Exchange was a penny shy of estimates, and the market really reacted. This is hardly a disaster. In fact, you could argue that the Big Board is really making all the right moves in its bid to become a global power. All the deals, with Euronext and the TSE, may have gotten people's expectations whipped up a bit. An upside surprise would have been welcome, but the miss serves as a reminder that there will be speed bumps. You have to think that margins are going to come under pressure, due to the competition mainly. So pricing will be an issue going forward. Marketing costs could also be an issue. All in all, there hasn't been much room to fault NYSE management. But if there is ever a big miss, people will say he is too focused on the grand scheme and not enough on nuts and bolts.

For more:
- here's an AP article