The New York Stock Exchange (NYSE) has been around for over 230 years, and has been one of the leading, wealth building principles in the finance industry. Since inception, only one Black-owned firm (BET in 1991) has made it to the NYSE.
The market on Wall Street opened May 17, 1792 on the corner of Wall Street and Broadway. Twenty-four supply brokers signed the Buttonwood Agreement outside 68 Wall St. in New York, underneath a buttonwood tree.
The Dream Exchange (founded by Joe Cecala) and Cadiz Capital Holding LLC (led by William H. Ellison), a black/minority-owned private equity firm, has created a platform for small and emerging businesses to find investors in early stages of business.
The Dream Exchange will become a new stock exchange that will focus on small business capital formation and diversity using the power of the American investing public. This new stock exchange will allow investors to empower innovators and emerging businesses in a way that has never been done before.
“Early in my legal career, I learned how stock exchanges “hunt” for liquidity because I was the lawyer for the founders of Archipelago, one of the first and the biggest electronic stock exchanges in the world. Archipelago grew into what the world has come to know today as the New York Stock Exchange….Because of my experience in understanding the formation of the world’s greatest electronic stock exchange, I learned how a stock exchange creates and controls liquidity in the markets,” said Cecala in an email interview with BLACK ENTERPRISE.
“After years of research, I discovered that the structure of the US capital markets and the current stock exchanges favor only the largest transactions with celebrity companies. My research showed that, prior to Archipelago, the overwhelming majority of IPO’s were $50.0 million and under! By 2004, small capital IPO’s had all but disappeared. After years of working with minority businesses, I realized as well that minority businesses were nearly absent from all IPO and public company listings.”
The goal is for this new exchange to promote new businesses to potential investors. 92% of all jobs are created after a company goes public.
For more information, please log on to the >>>DREAM EXCHANGE website and register for one of their classes.