Not Offending is Not Enough
By Jim Toes
Like most cities on St. Patrick's Day, New York City bars are filled with policemen and firemen in full, formal uniform. It is the one day when Wall Street guys are better off staying home and watching John Wayne's, The Quiet Man. I don't recall the exact year, but it was March 17 sometime in the late '90s when I was managing a small group of traders. One was Kate, an energetic, smart and all-around great young woman from Boston. While Kate was one of the more junior people in the group, she was wise beyond her years. As I stood up and put on my jacket to go home, I impulsively said to Kate, "What's it going to be tonight, Kate...cop or fireman?" It took me a micro-second to realize I had crossed the line. My futile attempt at humor had clearly offended Kate, which led me to swiftly apologize. Kate showed little emotion replying, "Have a good night, Mr. Toes." I went home convinced there would be recourse from Human Resources in the morning.
Before I give away the ending, it is worth noting that the outcome was determined by the relationship Kate and I had developed over the previous year, and not by my impulsive and insulting remark. Many diversity efforts today focus on managers not offending those under their responsibility. While some offenses justify a zero-tolerance policy, others do not and can be dealt with between the two people involved at the point and time of execution if the manager has established a relationship built upon trust and respect. Taking proactive steps towards building relationships better ensures that out-of-character acts are seen as just that. Former Citi executive and now CEO and co-founder of Ellevest, Sallie Krawcheck recently published a thoughtful and personal article that takes a slightly different approach towards the same end. In Sallie Krawcheck's letter to her daughter, she describes her MRI, "most respected interpretation" theory, which recommends that her daughter assume the best intent in others around her, because the alternative approach will only "...get you pulled down."
So how did my St. Patrick's Day story end? When I arrived at the office the following morning, Kate was already busy working, head down, phone to ear. On my desk was an official New York City Fireman hat. I quietly picked it up, placed in the drawer behind me and made no inquiries as to how Kate had acquired it. Kate returned to Boston after 9/11 and to this day, I consider it a privilege to have worked alongside her.
Read full article, "Sallie Krawcheck: A Letter to My Daughter, Post-Trump"
here
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News from the Hill
SEC Votes to Renew Equity Market Structure Advisory Committee - Nov 29
The Securities and Exchange Commission today announced that the Commission voted to renew the Equity Market Structure Advisory Committee's charter until August 2017 with the current membership. The committee's charter was originally scheduled to expire in February 2017.
SEC Approves Plan to Create Consolidated Audit Trail
- Nov 15
At a November 15, open meeting the Securities and Exchange Commission (SEC) voted to approve a proposed national market system (NMS) plan to create, implement, and maintain a consolidated audit trail (CAT), submitted pursuant to Rule 613 of Regulation NMS
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Taking Stock
brought to you by JonesTrading
The Taste of Freedom
By Jim Toes - Nov 13
Last weekend I had dinner with a close friend and after discussing politics over a few glasses of spirits we agreed to write in the other person's name for President. This blood-bond lead to a momentarily silence as Mike P (not Pence) and I pondered what a great story it would be to tell our grand children that in the 2016 Presidential Election, "your grandfather received 1 vote for President of the United States".
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Upcoming Events
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The STA events calendar keeps you informed on both national and local S
TA events. Join other security trading professionals to connect, learn and be inspired by the wide variety of panel discussions, keynote speakers, exhibitors and networking opportunities.
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STAC
Mid-Winter
Meeting
January 11-13, 2017
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Membership 2017: Affiliates Now Accepting Applications
Becoming an STA member begins with joining one its 21 affiliates in the U.S. As an STA affiliate member you become a member of STA at the national level as well.
Membership at most affiliates is $100/year
*Please note that individuals employed in Chicago, New York or Minnesota should use a separate application*
Exclusive offer for all STA Members
Beginning January 1, 2017, STA Taking Stock articles and Open Call Reports will be available to STA Affiliate members only.
These articles and reports will be published in STA's
At the Midpoint
communications, a members only subscription.
For a limited time, subscribe for all 2017 STA Taking Stock articles and Open Call Reports here >
New Member Prize Drawing**!
This year new members will be eligible to win a prize! Submit your application today for a chance to win a Polaroid Snap Camera or a Smathers & Branson handmade American Flag keychain or a leather bound STA Journal.
**Winners will be selected at random. Limited quantity. Promotion ends December 9, 2016. STA will hold prize drawings for two (2) Polaroid Snaps, ten (10) Smathers & Branson keychains, and ten (10) leather bound STA Journals. One prize per new member.
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Regulatory Updates from FIF
The summary information is provided by the Financial Information Forum for the Security Traders Association Monthly Newsletter. Through topic-oriented working groups and tracking documents, FIF follows these initiatives closely.
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