NativeOne Takes On NYSE, Tears Down Wall Street Barriers
NativeOne Institutional Trading, LLC stands in line to become the first Native American-owned company on the New York Stock Exchange.
According to a company press release, the broker dealer made its Wall Street debut on January 18, 2011. After their successful transfer of ownership and the Financial Industry Regulatory Authority (FINRA) approval, NativeOne will become a member of the Exchange.
According to Donald Lyons, founder and CEO of NativeOne and member of the Morongo Band of Mission Indians, NativeOne's entry into the stock market symbolically represents American Indians breaking down the wall originally built by Dutch colonists in lower Manhattan. Erected in 1653, according to the PBS documentary film "The Center of the World," the wall blocked the New Amsterdam settlement from British and Native American invaders. In 1699, the British knocked down the wall, paving a lane called Wall Street, states the PBS documentary.
"Wall Street was named for the wall built over three hundred years ago from Trinity Church to the East River to keep Native Americans out," said Lyons. "Today, Native One Institutional Trading brings Native America right to the floor of the New York Stock Exchange."
The Lower Brule Sioux Tribe similarly broke through the barrier in a landmark September 9, 2009, deal. The Lower Brule, South Dakota-based tribe purchased Westrock Group, making the company the first 100 percent Native American tribally-owned financial investment firm, reported NPR. Westrock Advisors, a subsidiary of the company, faces censure and a $50,000 fine from the Financial Industry Regulatory Authority's (FINRA) National Adjudicatory Council as of January 2011, according to a FINRA report.