John J. Phelan, Jr.
John Joseph Phelan, Jr. (born May 7, 1931, died August 4, 2012) was an American financier who served as president and later chairman and chief executive of the New York Stock Exchange, where he introduced computerized trading technology. Phelan's leadership tenure at the NYSE included the 1987 Black Monday stock market crash, during which he declined to halt trading. Phelan's calm and confident manner was widely praised. After the crash, Phelan helped to implement trading curbs also known as "circuit breakers" to help prevent rapid stock selloffs in the future.
Early life
Phelan was born in New York City on May 7, 1931 to John Phelan Sr., a financier and member of the NYSE, and Edna Kelly. He started college in 1949, but left after two years to serve in the US Marine Corps. After returning from the Marines, Phelan went to work as a floor trader with his father's firm, Phelan & Co. and attended Adelphi University, where he received a bachelor's degree in business administration.
Notable Achievements
Phelan became the first foreigner to own shares of a Chinese company when he was presented with a stock certificate of the Flying Happiness Acoustic Company by the then General Secretary of the Communist Party of China Deng Xiaoping in 1986. John Phelan was at that time the head of a US delegation of Wall Street financiers. This was remarkable event that signaled Chinese commitment towards developing its own stock exchange as well as further economic reforms along market economy lines.
Personal Life
John Phelan Jr. was happily married to Joyce Phelan and had three sons: John, David and Peter(born in that order). Phelan was extremely religious and was on the board of Catholic Charities.
Death
John Phelan Jr. died at age 81 from caner.
Sources
John Phelan, Who Led NYSE in 1987 Stock Crash, Dies at 81
John Phelan, N.Y.S.E. Chief Who Ushered In New Technology, Is Dead at 81