NYSE Euronext (NYX) executives attempted to soothe rattled shareholders at the company's annual meeting Thursday, emphasizing its sound balance sheet and new ventures.

Still, it proved difficult to shift shareholders' attention from the stock price, down more than 70% over the past 12 months and trailing the exchange sector.

"We accomplished everything we wanted to last year," said Chief Executive Duncan Niederauer, highlighting record earnings in 2008 and new initiatives as shareholders aired concerns around compensation and corporate governance.

NYSE Euronext shares were up 7.1% at $19.70 in recent trading Thursday.

Speaking in New York, Niederauer expressed frustration that exchanges often are lumped in with financial services companies, noting that NYSE Euronext had taken no government money and that its balance sheet is "healthier than it was a year ago."

The financial crisis represents an opportunity for exchanges to be part of the solution, Niederauer said, and NYSE Euronext is working with regulators to focus on transparency and accountability.

"It's a bit self serving, but if that's where regulators want to take it, that's where we can...position ourselves as part of the solution," Niederauer said, adding that regulated, centrally cleared markets functioned well throughout the financial crisis.

The exchange has reached out to financial authorities, last week joining with rival Nasdaq OMX Group (NDAQ) and other exchanges in urging Securities and Exchange Commission Chairwoman Mary Schapiro to implement a "modified uptick rule" that would limit short selling of stocks.

Niederauer played up NYSE Euronext's investments over the past year, including acquisitions of the American Stock Exchange and metals derivatives from CME Group Inc. (CME).

But he also acknowledged that the exchange had lagged competitors in implementing new technology as trading increasingly moves onto electronic platforms.

NYSE Euronext and Nasdaq OMX have seen market share of U.S. equities trading slip away as electronic rivals like BATS Exchange and Direct Edge now claim more than a fifth of the market.

In response, NYSE Euronext has adjusted its fee schedule, implemented a new market model and sought to tap so-called dark pool trading through new ventures in the United States and Europe.

A key focus this year will be cutting expenses, Niederauer said, and NYSE Euronext may reduce headcount further before the year is out.

The trans-Atlantic exchange operator has planned to reduce its European staff by about 200 by the end of 2009, and continues to cut jobs as it integrates the Amex unit.

In early February, headcount at the former Amex had shrunk to 225, down 50%, and the company expects it to eventually fall to about 100.

One of those leaving the company is Jean-Francois Theodore, deputy chief executive, who will be stepping down at the end of the year.

NYSE Euronext plans to find a European-based successor by the time he leaves, according to officials.

Niederauer said he sees consolidation on hold for the exchange industry, following a rapid succession of deals in recent years that included the formation of NYSE Euronext itself.

"Consolidation is always out there as a possibility, but people right now are weighing whether we've gotten everything we can out of the U.S.-European consolidation [that has already happened]," Niederauer said.

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com