A quick thread on the winding career of Tom Farley (former NYSE President & future CEO of Bullish) with the Bullish SPAC merger news out recently:https://www.reuters.com/technology/cryptocurrency-firm-bullish-go-public-9-bln-spac-deal-2021-07-09/ …
Tom Farley got his start in the world of exchanges & market structure via Kiodex, a commodities compliance & risk management business that is now part of FIS. He joined ICE in 2007 to lead their latest acquisition - the New York Board of Trade.https://ir.theice.com/press/news-details/2007/NYBOT-Announces-Appointment-of-Thomas-W-Farley-as-President-and-COO/default.aspx …
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The NYBOT boomed under Farley's leadership in part because of his decision to shut down their physical trading floor & go all-electronic. When ICE bought the NYSE in 2012, Farley was tapped to be one of its youngest Presidents at the age of 38.https://ir.theice.com/press/news-details/2014/ICE-Announces-CEO-Duncan-L-Niederauer-to-Retire-from-NYSE-Remain-President-of-ICE-through-August-2014-Thomas-L-Farley-Current-COO-Named-As-NYSE-Successor/default.aspx …
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Farley led the NYSE for nearly 6 years and oversaw its multi-year integration with ICE, working to win more tech IPOs away from Nasdaq and represent the exchange to Congress, regulators and the media.pic.twitter.com/Vcd9jiTNNC
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In 2018 Farley left the NYSE to start a SPAC, nearly a year before the official SPAC boom began. Far Point Acquisition Corp, backed by Dan Loeb's Third Point, bought payments company Global Blue for $2.6 billion in Jan 2020:https://www.wsj.com/articles/far-point-acquisition-nears-deal-to-buy-global-blue-from-silver-lake-11579170605 …
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Far Point's purchase was incredibly ill-timed - COVID lockdowns destroyed Global Blue's travel-focused business, and the SPAC nearly dropped the deal altogether.https://www.barrons.com/articles/spacs-dont-always-go-smoothly-global-blue-could-still-end-happily-51598101200 …
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After the Global Blue deal finally closed Farley started another SPAC, this time Far Peak in November 2020. THIS is the company that's buying Bullish for $9 billion. Farley is expected to stay on as CEO, bringing exchange experience to the startup crypto firm.
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