Copyright © 2017 by Gary Strumeyer. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data is available:
ISBN 978-1-119-22054-1 (Hardcover)
ISBN 978-1-119-22057-2 (ePDF)
ISBN 978-1-119-22056-5 (ePub)
Cover Design: Wiley
Cover Image: © bluebay/Shutterstock
All royalties from this book will be donated to the Robin Hood Foundation.
Throughout my career in financial services as an author, educator, and sales executive, and president of a broker dealer, I continue to be amazed by the lack of understanding that the average person has about the evolution of our global capital markets ecosystem. This condition, if left unchecked, can easily become untenable and dangerous in our highly regulated, hyperconnected, tech‐saturated world. This book—the first of its kind post–Financial Crisis—will serve as an antidote to this condition. I have assembled the right team—practitioners, academics, and economists—to present clearly in these pages the fundamentals necessary for both professionals and nonprofessionals to learn about what makes up our capital markets ecosystem.
Gary Strumeyer
NOTE: Supplementary materials are available on www.wiley.com/go/strumeyer under “Downloads”.
First and foremost I wish to single out the driving force behind our literary adventure by expressing my deepest appreciation and unqualified gratitude to our consummate editor in chief, Dr. Sarah Swammy. Through her ability to find, recruit, and sign the best, most qualified authors, combined with her benevolent taskmaster persona and her laser‐like focus on submitting the final drafts well in advance of the original deadlines, she brought to life the vision of this book and ensured the high quality of its contents. She shares with me my belief in the power of thought leadership and motivated the host of talented writers and thinkers to bring this project home with efficiency, speed, and grace. Thank you, Sarah, for your many contributions to this work—chief among them keeping me ahead of schedule.
Specials thanks are due to Alberto Baptiste and Peter Borish. Al got the ball rolling by providing us with key resources early in our progress. He was integral in kicking off this endeavor, enabling us to attract industry leaders as contributors. I am also grateful to Peter for his guidance, insight, and connecting us with the Robin Hood Foundation.
I would also like to express my gratitude to all of my friends and colleagues who shared their experience, market insight, time, and contacts to make this book comprehensive and successful: Joe Gaziano, Larry Harris, Ron Hooey, Joe Keenan, Dena Mandara, Lenny Scotto, and Sam Schwartzman.
Thanks, again, to all of the contributors not only for their brilliant submissions but for helping us to identify the trends and subject matter relevant to the evolving financial ecosystem.
Gary Strumeyer
Gary M. Strumeyer is the former president of BNY Mellon Capital Markets, LLC, a registered broker‐dealer subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).
Gary spent over 30 years with BNY Mellon. He began his career in municipal bond sales before becoming sales manager of the newly formed Capital Markets subsidiary in 1996. In 2008, Gary was appointed president of BNY Mellon Capital Markets, LLC. Under his leadership, Capital Markets has evolved into a full‐service, multifaceted, institutional broker‐dealer.
Gary served on BNY Mellon Operating Committee and Executive Steering Committee of BNY Mellon's Women's Initiative Network where he was a mentor and sponsor. Formerly, Gary served on the board of directors of the Cambodian Children's Fund and was a member of the National Association of Securities Dealers (NASD) Corporate Debt Market Panel.
He is a former adjunct professor of economics and finance at New York University's School of Professional Studies, and author of Keys to Investing in Municipal Bonds, and Investing in Fixed Income Securities: Understanding the Bond Market.
Mr. Strumeyer holds a BS in Management and Economics, and an MBA in Finance from New York University.
Sarah Swammy is a managing director, business manager, and head of supervision for BNY Mellon Capital Markets, LLC, a registered broker‐dealer subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). Sarah's prior roles include CAO of Global Markets and principal overseeing the sales and trading businesses of BNY Mellon Capital Markets, LLC. Sarah joined Capital Markets from Deutsche Bank Securities, Inc., where she was an advisory compliance officer. She has also held compliance positions at both CSFB and Barclays Capital, Inc.
Sarah is a member of BNY Mellon Capital Markets Board of Managers, and serves as a member of New York Institute of Technology School of Management's Executive Council. She is a former member of the Touro College of Education's Graduate Advisory Board and a former member of the Executive Steering Committee for BNY Mellon's Women's Initiative Network.
Sarah holds a BS in Business Administration and an MS in Human Resources Management and Labor Relations from New York Institute of Technology, an MA in Business Education from New York University, and a Ph.D. in Information Studies from C.W. Post. She is also an adjunct instructor teaching C‐Suite Leadership in the Integrated Marketing Graduate program at New York University School of Professional Services.