NYSE to Have First Female Leader in Its History
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Your Money Briefing.
Money and market stories from The Wall Street Journal. I'm J.R. Whalen in New York. History will be made this week of the New York Stock Exchange, and it doesn't have anything to do with share prices or dividends. We'll explain in a moment. First, these money headlines. The Federal Reserve's Economic Well-Being of U.S.
What historic leadership change is happening at the New York Stock Exchange?
Households reports that 41 percent could not cover a $400 emergency expense using cash in 2017. That's actually a slight improvement since 44% could not in 2016 and 46% could not in 2015. A majority who say they couldn't afford the expense turned to credit cards or borrowing from family or friends. Nearly half of those who skip bills let their credit cards go unpaid, racking up huge interest rates charges in the process. And one-third of those who can't pay all their bills say their rent, mortgage or utility bills will be left unpaid. The Wall Street Journal's Khadija Safdar and Laura Stevens have analyzed reasons that some customers are banned from using Amazon. Turns out the company terminates accounts for behaviors including requesting too many refunds, also sending back the wrong items or violating other rules, such as receiving compensation for writing reviews.
Shoppers also are more likely to get flagged if they mark an atypical reason for their returns. For example, an account could get flagged if a customer says that an item didn't arrive as described, when the other 99% of customers who made the return did so simply because they didn't want it. This is your Money Briefing from The Wall Street Journal. Welcome back, everybody. The New York Stock Exchange makes history this week when current Chief Operating Officer Stacey Cunningham assumes the exchange's president post, but more significantly, is the first woman to run the exchange. Wall Street Journal's Alexander Osipovich is here to discuss. So, Alex, pretty good for not just a woman, but really anybody who started at the NYSE as a summer intern about 25 years ago, as Cunningham did.
Yeah, I guess I would say that with Stacey, who I have talked to for a couple of years about various things, she is definitely not a token hire. She knows her stuff inside and out. She's been on different sides of the exchange business. She has worked at Nasdaq as well as at the New York Stock Exchange. She worked on the floor for a long time where it was very unusual for a woman to be working there. And I would say that she's a big expert in terms of plumbing of the U.S. financial market, the sort of market structure issues. She definitely knows that stuff inside and out.
Well, she assumes the post on Friday, May 25th, and she has really risen up through the ranks, as you mentioned, of the NYSE and the NASDAQ. She knows the area so well.
She was at the NASDAQ for five years, came back in 2011. And she kind of rocketed up the ranks at the NYSE after she came back. As you know, there was a takeover of the New York Stock Exchange that year. It was taken over by ICE, a global exchange operator based in Atlanta. And she has done well under their leadership and has been one of the sort of public faces of the exchange.
And just to be clear, Cunningham becomes the first woman to hold the president title on her own at the NYSE. Catherine Kinney was a past co-president. Is that right?
Yes. Catherine Kinney was a co-president in the 2000s. I would also say that the structure of the New York Stock Exchange has changed in various complex ways over the years. But when Catherine Kinney was co-president of the exchange... That was also kind of not the top job. There was a CEO who was much more visible, much more the leader of the exchange at that time. There was a succession of them, Dick Grasso, John Thain, some other household names. Right now, Stacey is essentially assuming the seat that they had before.
And Cunningham assumes the post held by Thomas Farley. And with this move, both the NYSE and NASDAQ are run by women.
That's absolutely right. So NASDAQ's chief executive is Adina Friedman, who took over beginning of last year.
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