Trading is and always has been a man’s world. But there are exceptions to every rule. Women in trading have made their imprint on an industry that has not always been female-friendly. Welcome to Traders Magazine’s Wall Street Women Awards. Join us in congratulating these 15 award-winning women who have placed their mark of success upon the Street-and as a result, are being honored for their accomplishments.
According to a New York-based Wall Street executive placement firm, women are still underrepresented on todays trading floors. A recent survey the firm conducted tells the tale: Of 2,392 people who work in front-office roles in financial services in the U.S., 91 percent are male and 9 percent are female. The firm told Traders Magazine this is in line with other statistics in its report, that around 10 percent of front-office professionals in finance are women. The survey included firms of all types: banks, boutiques, broker-dealers, hedge funds, asset management firms and family offices.
While a small number of women have survived the tumult of Wall Street, the great ones have truly thrived. The winners stories of leadership, perseverance, assertiveness and charity are inspiring to both women and men, young and old.
This year, the third annual Wall Street Women event will be held Nov. 6 at the Essex House in New York City. The keynote address will be delivered by Stephanie Ruhle, an anchor for Bloomberg Television. She serves as co-host of Market Makers, airing on the network weekdays from 10 a.m. to 12 p.m. Eastern. Offscreen and away from her desk, s Ruhle he plays an active role in womens leadership and business leader development, as well. She founded the Corporate Investment Bank Womens Network and co-chaired the Women on Wall Street steering committee.
Ruhle helps set the example for women on Wall Street on how to be successful and told Traders Magazine that despite gains for many women, there is still work to be done. Although women are increasing their skill sets, becoming more tenacious and mastering the networking circuit, they still lag behind their male counterparts for the big jobs.
Unfortunately, theres been more progress for women when it comes to networking and flag-waving, which in theory is good, but they are not leading to gains in getting the top jobs, Ruhle told Traders Magazine. Its really in the hands of women to get those big jobs that banks and hedge funds say they are willing to give. We need to push ourselves.
The days of waiting for a company, supervisor or male colleague to tap a woman on the shoulder or passively recommend a female are over, Ruhle added. Women, she said, need to make their own breaks and, in some cases, create their own luck.
We need to take our future and destiny into our own hands-we dont have anything to lose, Ruhle said. At first for women it was about tenacity, perseverance and other issues. But now that weve shown we have these qualities, we need to move the employment needle ourselves and scratch that needle right across the record.
And this years recipients have moved the needle indeed. Elaine Kaven, this years Lifetime Achievement award winner, has made an impact in the industry by constantly being prepared for anything. She has enjoyed a 30-year career on Wall Street despite many things being out of her control.
I think one thing has been helpful in my career is not limiting oneself to a particular piece of the business, Kaven said. Having a breadth of knowledge offsets chance, she added. You can be doing a terrific job with a terrific firm, and things just happen-the firm goes out of business or merges. Ive survived many things and been able to stay with StockCross in various capacities by being prepared.
For Christine Sandler, executive vice president, global sales, at NYSE Euronext and one of this years two Excellence in Leadership award winners, its been her unwavering ability to embrace the constant growth and evolution of the markets, whether its at an equities exchange, technology company or in a family.
To be a leader you have to grow, she said, whether at an exchange, technology company or broker.
And behind many of these excellent women are mentors who have played, and in some cases still play, a vital supporting role in the development of female-as well as male-talent. Being a mentor is the responsibility of every leader within a firm and by doing so, one becomes a more effective leader, said Bina Kalola, head of strategic investments, global equities, Bank of America Merrill Lynch, one of this years Mentors of the Year.
I think its so important, Kalola said of being a mentor. As a leader, whatever that title may mean, youre responsible to be a mentor, or as a senior leader to be a persons sponsor. We all have received the benefit of mentoring at one time of another. And if we all do it, then were all better off.
Kalolas commitment to mentorship stems from being mentored herself, and she says that being able to pay it forward is one of the best parts of her job.
The winners in our eight categories were nominated by the industry and selected by an independent advisory committee comprised of women in the financial community with decades of experience. Please welcome and congratulate this years winners of the third annual Wall Street Women Awards.
Biographies of the Wall Street Women winners will be featured in the coming weeks.
