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Abu Dhabi, UAEFriday 14 December 2018

New York Stock Exchange appoints first woman as president

Stacey Cunningham replaces Tom Farley, who’s leaving the company, according to Josh King, a spokesman for NYSE parent Intercontinental Exchange

The New York Stock Exchange promoted Stacey Cunningham to president, making her the first woman to be the sole head of the 226-year-old market.

Previously chief operating officer, Ms Cunningham replaces Tom Farley, who’s leaving the company, according to Josh King, a spokesman for NYSE parent Intercontinental Exchange, Bloomberg said..

NYSE’s move means two of the top three US stock exchange operators are led by women. Adena Friedman became chief executive of Nasdaq last year. For a time in the last decade, NYSE was jointly run by a woman, Catherine Kinney, but Ms Cunningham is the first not to share the president title.

Ms Cunningham, 43, got her first taste of NYSE in 1994, when she interned as a trader on the floor. She worked as a NYSE floor specialist for Banc of America Specialist from 1996 to 2005 before joining Nasdaq as an executive, according to her LinkedIn profile. She shifted over to NYSE in 2012, becoming COO in 2015.

The Wall Street Journal reported that Mr Farley is leaving NYSE to run a special-purpose acquisition company (SPAC) backed by Dan Loeb’s Third Point. The SPAC, called Far Point, wants to raise $400 million to acquire financial-technology companies, the Journal reported, citing people familiar with the situation. Mr King declined to comment.

Reuters reported earlier this month that Third Point was in talks with investment banks about launching the SPAC "blank cheque" company that would raise money in an initial public offering to pursue an acquisition.

The new investment vehicle would be the first of its kind to be raised by an activist hedge fund such as Third Point.