The First Black-Owned Stock Exchange Will Be Opening Soon
Investing and creating generational wealth is certainly a skill communities all over greatly need. Making investments in the stock market has always been one of the core principles in building wealth within the financial market. A former lawyer has now came up with a new way to provide people within the Black community the opportunity to invest and create wealth, creating the first majority Black and minority-owned stock exchange in the country.
In partnership with Cadiz Capital Holding LLC, a Black and minority-owned private equity firm, The Dream Exchange was founded by Joe Cecala. William H. Ellison, leader of the firm who holds majority ownership of the exchange, created the platform to provide a space to match small and emerging businesses at an early stage with investors to generate more wealth creation for underserved communities.
“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 interview with Black Enterprise.
Cecala hopes this opportunity will open new doors for communities to get into investing and building generational wealth, in addition to promoting new businesses to potential investors. “The importance of a Black-owned stock exchange cannot be understated. Research from the SEC’s IPO task force shows that 92% of all jobs are created after a company goes public,” he states. Many jobs will be created from the company going public.
“In the 230-year history of stock exchanges in America only one Black-owned firm has made it to the New York Stock Exchange and there has never been a Black-owned stock exchange. Without access to public markets, any sector of society absent will most certainly suffer economically. This is the importance of having a channel for access to the public markets in America.”
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Feature Image via Forbes