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The victory of feminism over the world of finance: Stacey Cunningham will head NYSE

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The victory of feminism over the world of finance: Stacey Cunningham will head NYSE
May 22
09:00 2018

The Wall Street Journal published information about an important appointment in the world of finance: since May 25, Stacey Cunningham (currently holds the post of Chief Operating Officer (NYSE) will get a new position – President of the NYSE Group.

For the first time in more than two centuries of the New York Stock Exchange history, the director’s chair will be occupied by the representative of the female gender. Interestingly, from the beginning of last year, the second most important US stock exchange NASDAQ Inc. has been also headed by a lady Adena Friedman.

It became known that after five years of service, the president of the NYSE Group Thomas Farley would join the company Far Point. The organization of targeted mergers and acquisitions with the support of the hedge fund Third Point will become the specialization of the company. Farley said that at the new post his initial task would be attracting $ 400 million and investing these funds in the purchase of start-ups.

The new head of  NYSE is a non-public person. Stacey Cunningham is 43 years old; she received a diploma in industrial production. It is known that in 1994, still a student, Stacey did her summer internship at the exchange and after that she started her career in the operating room. Then, in the mid-90’s, there served about 1,500 men and only fifty women. In a quarter of a century, the financial markets have been significant changed. In the 90s, the stock market was divided between two giants: NYSE and NASDAQ. Increased competition and regulation have reduced the market share of NYSE from 40% to 22%. Nevertheless, the New York Stock Exchange is still the largest stock exchange in the world.

Five years ago, NYSE became part of ICE. The consequence was the appointment of Thomas Farley to the post of the NYSE president. In an interview with the WSJ, he said that then he had been instructed to significantly reduce costs, cut staff and increase profitability.

And although the data on the profitability of NYSE are not published, Mr. Farley himself believes that over five years of his service in the company, the figures have more than doubled.

Stacey Cunningham has to solve a lot of difficult tasks. For example, over the past three years the stock exchange has been unsuccessfully trying to update obsolete technological systems. Last month, the addition of new platform elements caused a malfunction, which led to the share trading suspension of Amazon.com Inc. and Alphabet Inc.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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