The president of the New York Inventory Alternate explains how the 226-year-old firm is merging tech with people

Stacey Cunningham, the president of the New York Inventory Alternate, spoke with Enterprise Insider about how the world's largest change retains tempo with know-how whereas sustaining traditions. Since taking on as president in Might, Cunningham has targeted on decreasing the friction that clients expertise with the know-how they use to commerce. Cunningham was named one in every of Enterprise Insider's 10 individuals remodeling finance. See the complete listing of the 100 individuals remodeling enterprise right here. What's the best solution to marry know-how and people? It is prime of thoughts for Stacey Cunningham, the president of the New York Inventory Alternate. The velocity at which markets now function means buying and selling venues should be up on cutting-edge know-how. But the NYSE nonetheless maintains a buying and selling ground and ground merchants simply because it has stored sure traditions that helped it develop into the biggest inventory change. Cunningham instructed Enterprise Insider in an interview that determining how tech and custom might work collectively was a key a part of her job. "That's the secret sauce," she stated. "How can we implement that integration the place they will use algorithms and know-how to facilitate the extra mundane duties, after which focus their human experience on the extra complicated duties?" See additionally: Nasdaq, NYSE sue regulator over pilot they are saying might put some ETFs out of enterprise That wasn't all the time the case. Cunningham — who began her profession on the buying and selling ground of the change as a market maker — remembers the 2 sides, know-how and people, not working all that nicely collectively within the early 2000s. "We had individuals and we had know-how, however they weren't built-in in addition to they could possibly be," Cunningham stated. "That was irritating for me as a result of it meant that it wasn't essentially serving to the job that the individuals had been doing. It was simply there." The change has labored arduous through the years to get the 2 sides to gel, Cunningham stated. Now, individuals can concentrate on extra vital and sophisticated occasions, such because the opening and shutting public sale and the price-discovery course of throughout preliminary public choices. Cunningham's focus continues to be on how the NYSE can higher use know-how whereas sustaining the traditions of a 226-year-old firm. It contains reviewing the older practices the change carries out to find out which of them nonetheless present worth to clients. Since she was named the Massive Board's president in Might, one in every of her main initiatives has been condensing the totally different know-how techniques a buyer might need to work together with to commerce right into a single platform. The objective is to make it as straightforward as potential to work with the NYSE, Cunningham stated. Learn extra: An NYSE exec who spent per week resisting e mail for 7 hours a day shortly caved to her inbox, however she took away a productiveness technique she makes use of to this present day The NYSE has the identical objective of simplifying a number of know-how techniques for listed corporations. Whether or not it is submitting filings or researching details about who's buying and selling their inventory, the change is engaged on instruments to make it simpler for corporations to work together with the NYSE, she stated. The human perspective stays a spotlight. After constructing an area of their headquarters in decrease Manhattan for listed corporations to work together and community, the NYSE stated it was going to create an identical venue on the West Coast for listed corporations primarily based there. "We're very targeted on the truth that our mission is to assist corporations increase cash to allow them to exit and alter the world and on the similar time present alternatives to traders to share in that success," Cunningham stated. "How can we be certain that the general public market stays essentially the most engaging place for corporations to lift cash in order that traders proceed to have entry to these alternatives?" That course of hasn't all the time been straightforward. The variety of public corporations has been lower in half over the previous 20 years as many startups have opted to stay non-public for longer. The buying and selling itself has additionally shifted, as greater volumes have moved towards darkish swimming pools during which merchants should buy and promote anonymously to keep away from shifting the market towards them. The change has additionally been criticized from some market contributors for rising market knowledge and buying and selling charges. In February, the NYSE took on one other opponent, its personal regulator. The change filed a lawsuit towards the Securities and Alternate Fee for what it thought was an unfair pilot program to look at the way it priced transaction charges and rebates. "We by no means aspire to be suing our regulator," Cunningham stated. "However we really feel like it's in one of the best pursuits of the markets total and that it's important that market forces be let to find out one of the best consequence for issuers and traders and never authorities laws." Enroll right here for our weekly e-newsletter Wall Avenue Insider, a behind-the-scenes take a look at the tales dominating banking, enterprise, and large offers. Be part of the dialog about this story » NOW WATCH: Aston Martin's new fully-electric Lagonda could possibly be the way forward for SUVs