NYSE President and Chairman Step Down

The New York Inventory Trade (NYSE) has introduced that Stacey Cunningham will step down as its president on Jan. 3, 2022. She will probably be changed by Lynn Martin, president of the fastened earnings and knowledge providers companies on the Intercontinental Trade Inc. (ICE), the company mother or father of the NYSE. Cunningham will be a part of the board of administrators of the NYSE.

Cunningham has served as NYSE president since 2018 and has spent a complete of 9 years with the group. In a associated growth, Jefffrey Sprecher has introduced that he’ll exit his place as NYSE chairman, to get replaced by Sharon Bowen, a former federal securities regulator. Sprecher is the founder, chairman, and CEO of the ICE.

Attainable Motivation

The announcement about Cunningham got here simply hours after a report indicated that the NYSE has trailed the NASDAQ for the third consecutive 12 months relating to preliminary public choices (IPOs). IPOs listed on NASDAQ have raised $191 billion to date in 2021, whereas these listed on the NYSE have raised $109 billion, in keeping with Dealogic. Moreover, the share of U.S. inventory trades executed on the NYSE has fallen to 19% in 2021 from 24% in 2019.

A press launch from Jeffrey Sprecher additionally detailed different administration modifications. It didn’t handle the efficiency points talked about above. As a substitute, he wrote, partly: “And as instances change, ICE is altering together with it … As organizations all over the place regulate to a world remodeled by the pandemic, our administration crew is evolving together with the market setting. I am not going wherever, however for a few years, we have been working to develop the subsequent era of ICE leaders who’ll deliver vitality and expertise to drive our success sooner or later. Difficult this group of worldwide leaders with new or expanded roles is prime to good governance and stewardship of our agency.”

About Lynn Martin

Lynn Martin is president of Mounted Earnings & Knowledge Companies on the ICE, managing its international knowledge and stuck earnings companies, together with the ICE Bonds execution venues, pricing and analytics, reference knowledge, indices, desktop options, consolidated feeds, and connectivity providers that cowl all main asset lessons. Previous to that, she has held a wide range of different positions at ICE and the NYSE.

Martin holds a Bachelor of Science diploma in Laptop Science from Manhattan School and a Grasp of Arts in Statistics from Columbia College. Martin started her profession at Worldwide Enterprise Machines Company (IBM), primarily as a challenge supervisor within the monetary providers observe.

About Sharon Bowen

Sharon Bowen has been a member of the board of administrators of ICE since December 2017. She has greater than 35 years of expertise in regulation, securities, and public coverage. From 2014 to 2017, she was commissioner of the U.S. Commodity Futures Buying and selling Fee (CFTC), throughout which period she was a sponsor of the CFTC Market Threat Advisory Committee. Previous to that, Bowen was vice chair of the Securities Investor Safety Company (SIPC) from 2010 to 2012, turning into appearing chair in 2012.

Bowen earned a Bachelor of Arts diploma in Economics from the College of Virginia, a Grasp of Enterprise Administration (MBA) from the Kellogg College of Administration at Northwestern College, and a Juris Physician (JD) from the Pritzker College of Regulation at Northwestern College. Previous to becoming a member of the CFTC in 2014, she was a accomplice within the New York workplace of legislation agency Latham & Watkins LLP.