Archive for August 26th, 2011
The New York Stock Exchange’s first Native American-owned member was officially introduced to the traders on the floor this week, as members of the NativeOne trading company rang the closing bell in celebration.
According to an article in Traders Magazine:
“NativeOne Institutional Trading, a Native American-owned broker-dealer, has opened its trading blotters and is now trading on behalf of institutional clients. The minority-owned firm offers the buyside high- and low-touch trading, direct market access and third-party research.
Founder Don Lyons, Morongo Band of Mission Indians, will also act as the firms’s chief executive. Members of the Navajo Nation, Mohegan and other tribes also have ownership in NativeOne.
The game plan, as one might expect, is to court pension funds that have mandates to trade with minority brokerage firms, as well as American Indian tribes that have a need to trade. NativeOne currently has three institutional clients, including CalPERS, the $218 billion California public employee retirement fund. It continues to look for other institutional clients, as well as trading on behalf of Native Americans, such as the Navajo Nation and its $1.3 billion in assets, said NativeOne co-founder Dennis Smith.