"Your skill set doesn't transfer..."

I worked on the Floor of the NYSE as a specialist for 23 years and had, what I would consider, a successful career. I helped to build a firm from 25 issues to 110 and rose to Partner in three different firms. I also became a Floor Official, Governor and Executive Governor assisting in regulating floor activities.

As a manager, I had the unenviable task of letting people go; so, when my time finally came it was somewhat of a relief. I thought, after 23 years, I deserved some time off so took the summer to spend some time with my family, but then needed to figure out: what am I going to do now?

I’m guessing I’m not the only former Wall Street guy to hear prospective employers claim my “skill set wouldn't transfer”. I also believed it wasn’t true: I knew how capital markets operated, how to run an IPO, how to trade; surely these skills would be valuable to some firm? But it turned out to be prophetic: what began as a few wonderful months off with my children turned into a prolonged period of despairing that I would find something in my field. Lots of folks I knew were “getting out” – code for not being able to find a job that they were qualified for. This was not going to be an easy task.

In 2014, after a few stints helping some friends with business development I received a Linked-In request from one of my current partners, a former regulator with whom I worked with on various committees at the NYSE. We set up a call where he explained, "you were pretty good at what you did, and I was as well, why don't we do something together?”

That call put into motion what has become Global Markets Advisory Group (GMAG). We joke that we are an “exchange in exile” – our partners include a former Executive Vice-President of the NYSE, Head of the Office of General Counsel for NYSE Regulation, Chief Regulatory Officer of the National Stock Exchange, Vice President of Surveillance at FINRA, a former Chief Compliance Officer, and me, a former market maker. We have all known and worked with each other for years and have a great deal of respect for each other’s talents. Because of that, we also trust each other implicitly, which makes building the firm that much more rewarding.

From very humble beginnings GMAG has grown and prospered over the past five years. We were instrumental in assisting one of the CAT bidders with their desire to become the Plan Processor, ultimately helping them become one of three finalists. We have worked with both Google and Amazon on their financial services cloud offerings both domestically and internationally. We assisted the Nigerian Stock Exchange in capacity building by upgrading their trading and listing rules, bringing them up to international best standards and helping them gain admission to the World Federation of Exchanges. We have also provided strategic advice to several start-ups in the Exchange/ATS space and helped them find talented people to build out their visions. These are just a few examples of the work we have done, and our services continue to grow.

Not bad for a firm which began with a handshake and an idea. 

When we first met to discuss putting GMAG together we had a discussion regarding compensation. After an hour or so discussing the possibilities one of the founders said, “how about we just get a gig and figure it out.” Each one of the GMAG Partners has a common denominator; our history of working in some capacity at the NYSE. When I first started on the Floor, the old-timers taught me, “your word is your bond”, which was the basis for billions of dollars to change hands every day on nothing more than a verbal “take ‘em” or “sold”. Given our shared background, it’s not hard to understand how we came together to build this firm. We also realize our reputations are the most important asset we possess so, although hungry for business, we have turned down some questionable clients and opportunities, even if they might have been profitable in the short term.  Too often success is measured in terms of dollar signs and not in doing what’s right.

So, at the end of the day when I reflect on being told “your skill set wouldn’t transfer”, I realize how wrong that was. As it turns out, integrity, honesty and hard work were the only skills I ever needed to succeed; the rest would take care of itself. I look forward to GMAG’s future and being able to provide others a chance to participate in what is becoming an amazing business.