John Thain new CEO of New York Stock Exchange

The New York Stock Exchange has taken a new step towards emerging from the gloom of scandal by appointing John Thain, the number two executive at Goldman Sachs, as its new chief executive.

Regulators also approved a new governance structure for the exchange, which is trying to regain its balance after the dramatic ousting in September of its former chief, Richard Grasso.

Reforms include splitting the top job into separate posts of CEO and chairman and setting up a second board, made up of outside directors, which will be responsible for regulating its activities.