NEW YORK STOCK EXCHANGE CHAIRMAN FORESEES EXPANDED GLOBAL ROLE FOR BIG BOARD
NEW YORK STOCK EXCHANGE CHAIRMAN FORESEES
EXPANDED GLOBAL ROLE FOR BIG BOARD
NEW YORK, Jan. 6 /PRNewswire/ -- New York Stock Exchange chairman William H. Donaldson, kicking off the NYSE's bicentennial celebration at a media breakfast, said he foresees the NYSE's future as "the centerpiece of a global securities market."
In a speech that initiated a year-long celebration of the NYSE's 200th birthday, Donaldson recounted the exchange's role in mobilizing the capital to finance the United States' great bursts of economic expansion, from canals and railroads to huge manufacturing and industrial enterprises.
Securities markets will be even more critical in the future, Donaldson predicted, as the markets will help mobilize the capital needed by high-tech growth industries worldwide, including microelectronics, bioengineering, robotics, computers and software, and new materials technology.
Donaldson cited several elements that he said make the NYSE ideally suited for a key role in an emerging world economic order:
-- the most advanced trading and communications technology;
-- an agency auction market's efficiency and accuracy of price
-- an unmatched standard of openness in operations and fairness
to all customers, reinforced by intensive self-regulation;
-- trading floor and other member firm professionals who are
committed to providing the highest quality of service and
"As America competes in that global arena, the uniqueness of this irreplaceable market will become an increasingly important part of our nation's competitive strength," Donaldson said.
Donaldson's remarks came at a breakfast attended not only by the media but also past chairmen and presidents of the NYSE, officers of listed companies of historical significance, and other dignitaries. Other events of the day included demonstrations of trading and surveillance technologies, and a ceremonial lighting of the NYSE's facade was planned for 5:15 p.m.
In trading-floor ceremonies following the media breakfast, Mayor David N. Dinkins rang the opening bell and proclaimed the day as "New York Stock Exchange 200th Anniversary Day."
Richard A. Grasso, NYSE executive vice chairman and president, read aloud a proclamation by Gov. Mario M. Cuomo naming May 17 as "New York Stock Exchange Day" in New York State. Grasso also read resolutions from the state legislature and city council, citing not only the NYSE's role among world markets but its importance to the New York economy and community.
The NYSE's bicentennial celebration will also include the issuance of a U.S. Postal Service commemorative stamp; the publication of a historical book; and a series of events in connection with the Exchange's 200th birthday, May 17.
Behind the festivities, Donaldson said, is a broader purpose of promoting greater understanding of how the NYSE's agency auction market works and why it continues to be the model for markets elsewhere in the world. He called on the media to act as a forum for a full and open discussion of markets and their future.
"It's safe to say that the securities market of the future won't be an unmanned spacecraft, run by computers," Donaldson concluded. "It will more closely resemble a Starship Enterprise -- computerized beyond our wildest dreams -- but, in the American tradition, with the intelligence and the soul of human judgment on the bridge."
/CONTACT: Ray Pellecchia, 212-656-2065, or Catherine Maroney, 212-656-8685, both of New York Stock Exchange/ CO: New York Stock Exchange ST: New York IN: FIN SU: ECO SM -- NY064 -- 7024 01/06/92 16:10 EST