Joe Cecala and Dwain J. Kyles are launching The Dream Exchange, which is set to become the first Black-owned stock exchange in the United States.
Dr. Martin Luther King Jr’s Influence
The two, influenced by the civil rights movement and drawing inspiration from Dr. Martin Luther King Jr., aim to bridge the gap between Main Street and Wall Street, creating a more inclusive financial marketplace.
“What he [Dr. King] began to understand in the later years of his life [is]that you were not going to achieve equality anywhere in this country or anyplace else if there is not economic parity,” Kyles told ScrippsNews.
The initiative wants to open doors for minority-owned businesses and reshape the economic landscape to foster equitable growth and opportunities.
The Dream Exchange
The Dream Exchange, scheduled to launch later this year, will operate similarly to the New York Stock Exchange but with a distinct focus.
It aims to spotlight smaller, emerging companies historically overlooked in the stock market.
Cecala and Kyles recognize the challenges many Black-owned companies face in acquiring capital and gaining visibility in public markets.
According to a U.S. Treasury Department Task Force, only 0.2% of the New York Stock Exchange listings are minority-owned.
The vision of Cecala and Kyles extends beyond mere financial gains; it’s about creating a ripple effect of prosperity in communities that need it the most.
“Hopefully, ten years from now, when a small company is growing and it’s doing well and they want to go to their next phase, their first thought is, “Oh, well, we can go to the Dream Exchange and get capital,” Cecala told ScrippsNews.
They believe listing a company on a stock exchange can be transformative, creating thousands of jobs and fostering community development.
The Dream Exchange will be the eighth licensed stock exchange in the country but the first minority-run.
