The Dolan School of Business recently received one of the New York Stock Exchange’s original trading posts as a gift to commemorate the school’s 30th anniversary.
Fairfield now joins the Smithsonian Institution and Stanford University with the acquisition of the trading post, the posts having been removed in 1980 and donated to various museums and universities. The post, valued at $200,000, is a gift from Christopher Quick.
Quick, an alumnus of Fairfield who received his bachelor’s in finance in 1979, bought the trading post when it became available with the intention of donating it to the School of Business.
“I thought it was a unique piece of history,” Quick said through a press release. “Much happened on that trading post in the 120 years it was on the floor of the New York Stock Exchange.”
Dean of the Dolan School of Business Dr. Norman Solomon, agrees with the historic significance of the trading post.
“When this trading post was in operation, trading was conducted with paper and pencils, a contrast to how it is done largely electronically today,” said Solomon in the press release. “It will serve as a teaching tool as it speaks to how these changes have made the markets more global.”
While the antique post seems to be of great importance, students in the business school have mixed views of the significance of the donation.
Finance major Dan Gorman ’09 said that while “most students know it’s here, not many know what it was used for,” because “it was never really explained.”
According to the New York Stock Exchange Web site, the trading posts served as the locations where stocks were bought and sold. Each post was responsible for 100 stocks, but now, the buying and selling of stocks are done electronically.
While students in the Dolan School of Business practice electronic trading in the Business Education Simulation and Trading (BEST) Classroom, the trading post is a historic reminder of how far technology has come, and is sure to be a highly valued gift.
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