Former Lawyer Launches First Black-Owned Stock Exchange In U.S. History
July 23, 2020
Joe Cecala, in partnership with Cadiz Capital Holding L.L.C., a black and minority-owned private equity firm, has created the first majority Black and minority-owned stock exchange in the country.
In an interview with Black Enterprise, the former attorney discussed The Dream Exchange, which focuses “on small business capital formation and diversity using the power of the American investing public.”
“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 said. “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.”