as opposed to one or two large ones, he said.
He would have concerns, however, about extending such smaller cuts to the U.S. Securities and Exchange Commission - the federal agency charged with regulating Nasdaq OMX and other stock exchanges.
The White House's Office of Management and Budget has projected that, if the sequestration portion of the fiscal cliff takes effect, the SEC would be faced with an 8.2 percent cut, or $108 million to its $1.3 billion budget.
Greifeld said such a cut could harm the ability of exchanges to get things done. That is because federal securities laws require exchanges to seek SEC approval before they change rules or modify fees.
Any decline in the SEC's ability to act will hurt our plans for 2013 and beyond, so that would be a bad outcome for us, he said.
The SEC's budget currently does not impact the deficit because the amount appropriated by Congress is offset by fees the agency charges the industry. Greifeld believes the SEC should be a self-funded organization similar to other financial regulators such as the Federal Deposit Insurance Corp.