Exonian Profiles
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I reached William R. Johnston ’57 at the New York Stock Exchange (NYSE) just after he had presided over the opening of the floor on a “triple witch” Friday (when futures, indices and options all expire). The Dow was up 50 after the opening bell, then down a few points, but for this veteran of the stock market, it was just another day-at the gym for his morning workout by 5 a.m., then to the Exchange before 7 a.m., not to return home until well into the evening. (“Home,” he says, “is the weekend.”) After more than 30 years as a full-time specialist on the floor of the Exchange, Bill Johnston was appointed president of the NYSE in 1996. He oversees new listings and client services, one of four operating divisions that report to the chair of the Exchange. Johnston founded Agora Securities in 1980 and, when it merged with LaBranche and Company 10 years later, became a senior managing director with that firm. He says the biggest news of his years at the NYSE is “technology, technology, technology. We’ve spent over $2 billion in the last 10 years on technology, so our customers are able to buy anywhere in the world. The average turnaround time for a transaction is now 20 seconds. And we can make it quicker than that.” As to the future, Johnston says 24-hour trading is “not a question of whether but when,’ though he feels the decision of the Exchange Board to wait until next year to consider this innovation is wise. For someone who has spent much of his life in the frenzy on the Exchange floor, Johnston comes across as . remarkably calm. He says his secret is leaving it behind at the end of the day. “You have to leave the day’s trading here. If you take it home, you don’t stay married to the wonderful woman I’ve been married to for 37 years.” —Katherine Towler |
