This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (November 2008)

New York Stock Exchange
NYSE Euronext LogoNYSE Euronext Logo NYSE Logo
Type	Stock exchange
Location	New York City, New York, United States
Founded	March 8, 1817 (1817-03-08)
Owner	NYSE Euronext
Key people	Duncan L. Niederauer (CEO)
Currency	United States dollar
No. of listings	2,308
MarketCap	US$ 14.242 trillion (Dec 2011)[1]
Volume	US$ 20.161 trillion (Dec 2011)
Indexes	Dow Jones Industrial Average S&P 500 NYSE Composite
Website	NYSE.com
New York Stock Exchange
U.S. National Register of Historic Places
U.S. National Historic Landmark
Front Elevation of New York Stock Exchange
Coordinates:	40°42′24.6″N 74°0′39.7″W / 40.706833°N 74.011028°W / 40.706833; -74.011028Coordinates: 40°42′24.6″N 74°0′39.7″W / 40.706833°N 74.011028°W / 40.706833; -74.011028
Built:	1903
Architect:	Trowbridge & Livingston; George B. Post
Architectural style:	Classical Revival
Governing body:	Private
NRHP Reference#:	78001877
Significant dates
Added to NRHP:	June 2, 1978[2]
Designated NHL:	June 2, 1978[3]

The New York Stock Exchange, commonly referred to as NYSE is a stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York, United States. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$14.242 trillion as of Dec 2011.^[4] Average daily trading value was approximately US$153 billion in 2008.

The NYSE is operated by NYSE Euronext (NYSE: NYX), which was formed by the NYSE's 2007 merger with the fully electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978,^[5] as was the 11 Wall Street building.^[3][6][7]

History[link]

The Stock Exchange at 10–12 Broad Street, in 1882

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stockbrokers outside of 68 Wall Street in New York under a buttonwood tree on Wall Street.^[8] On March 8, 1817, the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board." Anthony Stockholm was elected the Exchange's first president.

The first central location of the Exchange was a room, rented in 1792 for $200 a month, located at 40 Wall Street. After that location was destroyed in the Great Fire of New York in 1835, the Exchange moved to a temporary headquarters. In 1863, the New York Stock & Exchange Board changed to its current name, the New York Stock Exchange. In 1865, the Exchange moved to 10–12 Broad Street.

The New York Stock Exchange was closed for ten days starting September 20, 1873, because of the Panic of 1873.^[9]

The volume of stocks traded increased sixfold in the years between 1896 and 1901, and a larger space was required to conduct business in the expanding marketplace.^[10] Eight New York City architects were invited to participate in a design competition for a new building; ultimately, the Exchange selected the neoclassic design submitted by architect George B. Post. Demolition of the Exchange building at 10 Broad Street, and adjacent buildings, started on May 10, 1901.

The new building, located at 18 Broad Street, cost $4 million and opened on April 22, 1903. The trading floor, at 109 × 140 feet (33 × 42.5 m), was one of the largest volumes of space in the city at the time, and had a skylight set into a 72-foot (22 m)-high ceiling. The main façade of the building features six tall columns with Corinthian capitals, topped by a marble pediment containing high-relief sculptures by John Quincy Adams Ward with the collaboration of Paul Wayland Bartlett, carved by the Piccirilli Brothers, representing Integrity Protecting the Works of Man. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.^[11]

In 1922, a building for offices, designed by Trowbridge & Livingston, was added at 11 Wall Street, as well as a new trading floor called the Garage. Additional trading floor space was added in 1969 the Blue Room, and in 1988 the EBR or Extended Blue Room, with the latest technology for information display and communication. Yet another trading floor was opened at 30 Broad Street called the Bond Room in 2000. As the NYSE introduced its hybrid market, a greater proportion of trading came to be executed electronically, and due to the resulting reduction in demand for trading floor space, the NYSE decided to close the 30 Broad Street trading room in early 2006. As the adoption of electronic trading continued to reduce the number of traders and employees on the floor, in late 2007, the NYSE closed the rooms created by the 1969 and 1988 expansions.

The Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006.^[12]

The floor of the New York Stock Exchange in 1908

The NYSE announced its plans to merge with Archipelago on April 21, 2005, in a deal intended to reorganize the NYSE as a publicly traded company. NYSE's governing board voted to merge with rival Archipelago on December 6, 2005, and become a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. A little over one year later, on April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming the NYSE Euronext, the first transatlantic stock exchange.

Presently, Marsh Carter is Chairman of the New York Stock Exchange, having succeeded John S. Reed and the CEO is Duncan Niederauer, having succeeded John Thain.

Notable events[link]

The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading bonds, and completely reopened for stock trading in mid-December.

On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. The NYSE building and some buildings nearby, such as the JP Morgan building, still have marks on their façades caused by the bombing.

The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.

On October 1, 1934, the exchange was registered as a national securities exchange with the U.S. Securities and Exchange Commission, with a president and a thirty-three member board. On February 18, 1971 the non-profit corporation was formed, and the number of board members was reduced to twenty-five.

One of Abbie Hoffman's well-known publicity stunts took place in 1967, when he led members of the Yippie movement to the Exchange's gallery. The provocateurs hurled fistfuls of real dollars mixed with fake dollars toward the trading floor below. Some traders booed, and some collected the apparent bounty.^{[citation needed]} The press was quick to respond and, by evening, the event had been reported around the world.^{[citation needed]} (The stock exchange later spent $20,000 to enclose the gallery with bulletproof glass.)^{[citation needed]} Hoffman wrote a decade later, "We didn’t call the press; at that time we really had no notion of anything called a media event."^[13]

NYSE's stock exchange traders floor before the introduction of electronic readouts and computer screens.

On October 19, 1987, the Dow Jones Industrial Average (DJIA) dropped 508 points, a 22.6% loss in a single day, the second-biggest one-day drop the exchange had experienced, prompting officials at the exchange to invoke for the first time the "circuit breaker" rule to halt all trading. This was a very controversial move and led to a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. Black Monday was followed by Terrible Tuesday, a day in which the Exchange's systems did not perform well and some people had difficulty completing their trades.

Consequently,^[vague] there was another major drop for the Dow on October 13, 1989; the Mini-Crash of 1989. The crash was apparently caused by a reaction to a news story of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines, which broke down. When the UAL deal fell through, it helped trigger the collapse of the junk bond market causing the Dow to fall 190.58 points, or 6.91 percent.

Similarly, there was a panic in the financial world during the year of 1997; the Asian Financial Crisis. Like the fall of many foreign markets, the Dow suffered a 7.18% drop in value (554.26 points) on October 27, 1997, in what later became known as the 1997 Mini-Crash but from which the DJIA recovered quickly.

On January 26, 2000, an altercation during filming of the music video for "Sleep Now in the Fire", which was directed by Michael Moore, caused the doors of the exchange to be closed and the band, Rage Against the Machine, to be escorted from the site by security,^[14] after band members attempted to gain entry into the exchange.^[15] Trading on the exchange floor, however, continued uninterrupted.^[16]

On May 6, 2010, the Dow Jones Industrial Average posted its largest intraday percentage drop since the October 19, 1987 crash, with a 998 point loss later being called the Flash Crash (As the drop occurred in minutes before rebounding). The SEC and CFTC published a report on the event, although it did not come to a conclusion as to the cause. The regulators found no evidence that the fall was caused by erroneous ("fat finger") orders.^[17]

Trading[link]

U.S. Secretary of Commerce Donald L. Evans rings the opening bell at the NYSE on April 23, 2003. Former chairman Jack Womack is also in this picture.

NASA astronauts Scott Altman and Mike Massimino ring 'The Closing Bell'.

The NYSE trading floor in August 2008.

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am – 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.

On the trading floor, the NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.

As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid Market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.^[18] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.^[19]

Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), Richard W.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.^[20] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.

NYSE Composite Index[link]

In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close.^[21] This was done to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. To raise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 points equal to the 2002 yearly close.

Timeline[link]

The NYSE at Christmas time (December 2008)

In 1792, The NYSE acquires its first traded securities.^[22][23] In 1817, The constitution of the New York Stock and Exchange Board is adopted.^[24] In 1867, The First Stock Ticker.^[25] In 1896, Dow Jones Industrial Average first published in The Wall Street Journal.^[25] In 1903, NYSE moves into new quarters at 18 Broad Street. In 1906, Dow exceeds 100 on January 12. In 1907, Panic of 1907. In 1914, World War I causes the longest exchange shutdown: four months, two weeks; re-opening December 12 brings the largest one-day percentage drop in the DJIA (24.4%). In 1915, Market price is given in dollars. In 1929, Central quote system established; Black Thursday, October 24 and Black Tuesday, October 29 signal the end of the Roaring Twenties bull market. In 1943, Trading floor is opened to women.^[26] In 1949, Longest (eight-year) bull market begins.^[27]

In 1954, Dow surpasses its 1929 peak in inflation-adjusted dollars. In 1956, Dow closes above 500 for the first time on March 12. In 1966, the NYSE begins a composite index of all listed common stocks. This is referred to as the "Common Stock Index" and is transmitted daily. The starting point of the index is 50. It is later renamed the NYSE Composite Index.^[28] In 1967, Protesters led by Abbie Hoffman throw mostly fake dollar bills at traders from gallery, leading to the installation of bullet-proof glass. In 1970, Securities Investor Protection Corporation established. In 1971, NYSE recognized as Not-for-Profit organization.^[28] In 1972, Dow closes above 1,000 for the first time on November 14. In 1977, Foreign brokers are admitted to NYSE. In 1980, New York Futures Exchange established. In 1982, Longest bull market in DJIA history begins. In 1987, Black Monday, October 19, sees the second-largest one-day DJIA percentage drop (22.6%) in history. In 1991, Dow exceeds 3,000. In 1995, Dow exceeds 5,000. In 1996, Real-time ticker introduced.^[29] In 1999, Dow exceeds 10,000 on March 29. In 2000, Dow peaks at 11,722.98 on January 14; first NYSE global index is launched under the ticker NYIID.

Security after the September 11 attacks

In 2001, Trading in fractions (n/16) ends, replaced by decimals (increments of $.01, see Decimalization). When the September 11, 2001 attacks occur, the NYSE was closed for 4 sessions. In 2003, NYSE Composite Index relaunched and value set equal to 5,000 points. In 2006, NYSE and ArcaEx merge, creating NYSE Arca and forming the publicly owned, for-profit NYSE Group, Inc.; in turn, NYSE Group merges with Euronext, creating the first trans-Atlantic stock exchange group; DJIA tops 12,000 on October 19. In 2007, US President George W. Bush shows up unannounced to the Floor about an hour and a half before a Federal Open Market Committee interest-rate decision on January 31.^[30] NYSE announces its merger with the American Stock Exchange; NYSE Composite closes above 10,000 on June 1; DJIA exceeds 14,000 on July 19 and closes at an all time peak of 14,164.53 on October 9. This was the peak before the 2008–2009 bust.

On September 15, 2008, the DJIA loses more than 500 points amid fears of bank failures, resulting in a permanent prohibition of naked short selling and a three-week temporary ban on all short selling of financial stocks; in spite of this, record volatility continues for the next two months, culminating at 5½-year market lows. In 2009, Dow closes at 6547.05 on March 9 reaching a 12 year low. Returns to 10,015.86 on October 14.

Derailed planned merger with Deutsche Börse[link]

On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.

On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".^[31] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly.

On February 2, 2012, NYSE Euronext and Deutsche Börse agreed with strong opposition by the EU for the planned merger, to scrap the merger.^[32]

Trading schedule[link]

Regular trading hours are from 9:30 am to 4:00 pm.

See also[link]

New York City portal

• Economy of New York City
• List of American stock exchanges
• List of presidents of the New York Stock Exchange
• U.S. Securities and Exchange Commission
• List of market opening times

Notes[link]

References[link]

• Buck, James E. (1992). The New York Stock Exchange: The First 200 Years. Greenwich Pub. Group. ISBN 0-944641-02-4. 
• Geisst, Charles R. (2004). Wall Street: A History – From its Beginnings to the Fall of Enron. Oxford University Press. ISBN 0-19-517060-1. 
• Kent, Zachary (1990). The Story of the New York Stock Exchange. Scholastic Library Pub.. ISBN 0-516-04748-5. 
• Sloane, Leonard (1980). The Anatomy of the Floor. Doubleday. ISBN 0-385-12249-7. 
• Sobel, Robert (1975). N.Y.S.E.: A History of the New York Stock Exchange, 1935–1975. Weybright and Talley. ISBN 0-679-40124-5. 

External links[link]

Wikimedia Commons has media related to: New York Stock Exchange

• Official website
• List of planned and unplanned historical closings
• Price of membership and a seat
• New York Stock Exchange collected news and commentary at The New York Times
• The New York Stock Exchange Began in a Coffe Shop

v t e NYSE Euronext, Inc. A member of the World Federation of Exchanges. Securities New York Stock Exchange · American Stock Exchange · NYSE Arca Euronext Futures Euronext.liffe Other Alternext · BlueNext · Qatar Exchange (20% holding) Locations United States: New York City (NYSE · AMEX), Chicago (Arca) France: Paris Belgium: Brussels Netherlands: Amsterdam Portugal: Lisbon United Kingdom: London Indexes New York: NYSE Composite · Dow Jones Industrial Average · S&P 500 Euronext: Euronext 100 · AEX index · CAC 40 · Euro Stoxx 50 · BEL20 Miscellaneous NYSE Technologies · Financial Industry Regulatory Authority Annual revenue USD 4.425 billion (2010) Employees 2,970 Stock symbol NYSE: NYX, Euronext: NYX Website NYSE Euronext Portal

v t e U.S. National Register of Historic Places in New York Lists by county Albany Allegany Bronx Broome Cattaraugus Cayuga Chautauqua Chemung Chenango Clinton Columbia Cortland Delaware Dutchess Erie Essex Franklin Fulton Genesee Greene Hamilton Herkimer Jefferson Kings (Brooklyn) Lewis Livingston Madison Monroe Montgomery Nassau New York (Manhattan) Niagara Oneida Onondaga Ontario Orange Orleans Oswego Otsego Putnam Queens Rensselaer Richmond (Staten Island) Rockland Saratoga Schenectady Schoharie Schuyler Seneca St. Lawrence Steuben Suffolk Sullivan Tioga Tompkins Ulster Warren Washington Wayne Westchester Wyoming Yates Lists by city Albany Buffalo New Rochelle New York City (Bronx Brooklyn Queens Staten Island Manhattan: Below 14th St. 14th–59th St. 59th–110th St. Above 110th St. Minor islands) Peekskill Poughkeepsie Rhinebeck Rochester Syracuse Yonkers Other lists Bridges National Historic Landmarks Keeper of the Register History of the National Register of Historic Places Property types Historic district Contributing property

Patrick Doyle
Background information
Birth name	Patrick Doyle
Born	(1953-04-06) 6 April 1953 (age 59)
Origin	South Lanarkshire, Scotland
Genres	Film scores
Occupations	Composer and actor
Years active	1989–present

Patrick Doyle (born 6 April 1953, South Lanarkshire, Scotland) is a classically trained composer. A longtime collaborator of actor/director Kenneth Branagh, Doyle is known for his work scoring such critically acclaimed films as Henry V (1989), Sense and Sensibility (1995), Hamlet (1996), and Gosford Park (2001), as well as such noteworthy blockbusters as Harry Potter and the Goblet of Fire (2005), Eragon (2006), Rise of the Planet of the Apes and Thor (both 2011). Doyle has been nominated for two Academy Awards and two Golden Globe Awards.

Life and career[link]

Doyle was born on 6 April 1953 in Scotland and graduated from the Royal Scottish Academy of Music & Drama in 1975. He was made a Fellow of the Royal Scottish Academy of Music & Drama in 2001. He joined the Renaissance Theatre Company in 1987 as composer and musical director creating scores for highly successful productions of such plays as Hamlet, As You Like It, and Look Back in Anger.^[1] Doyle's film score debut occurred in 1989 when actor/director Kenneth Branagh commissioned Doyle to compose a score for the Renaissance Film's production of Henry V. The song "Non Nobis, Domine" from the film was subsequently awarded the 1989 Ivor Novello Award for Best Film Theme.^[2] He has since scored nine Kenneth Branagh films including Dead Again (1991), Much Ado About Nothing (1993), Mary Shelley's Frankenstein (1994), Hamlet (1996), Love's Labour's Lost (2000), As You Like It (2006), Sleuth (2007), and Thor (2011).

In October 1997, shortly after scoring Great Expectations, directed by Alfonso Cuarón, Doyle was diagnosed with leukemia. He managed to complete his score for the animated fantasy Quest for Camelot (1998) in hospital whilst undergoing treatment. Doyle made a full recovery.^[3][4]

In 1998 Patrick Doyle’s Music from the Movies concert, sponsored by Leukaemia Research UK was staged at the Royal Albert Hall. It was directed by Kenneth Branagh and starred a host of international stars including Emma Thompson, Sir Derek Jacobi, Dame Judi Dench, Alan Rickman, Imelda Staunton, Richard E. Grant, Adrian Lester, and Robbie Coltrane.^[5]

He has composed a series of classical works outside of films that include "The Thistle and the Rose", commissioned in 1990 by Prince Charles in honor of the 90th Birthday of Queen Elizabeth The Queen Mother (the mother of the current Queen Elizabeth II); the violin romance "Corarsik", written for Emma Thompson's birthday; the album "Impressions of America: A Suite for Orchestra"; and the symphonic tone poem "Tam O Shanter", commissioned by the Scottish Schools Orchestra Trust.

Doyle has recently completed the scores for Marvel Studios Thor (2011) and the 20th Century Fox film Rise Of The Planet Of The Apes (2011). He is currently working on the upcoming Pixar film Brave (2012), directed by Mark Andrews, after which he will be working on the Sovereign Films film Effie directed by Richard Laxton.

Filmography[link]

Awards[link]

See also[link]

• Harry Potter music

References[link]

Ankur Jain (born February 10, 1990) is a philanthropist and entrepreneur, with a focus on leveraging innovation and entrepreneurship as a means to solve global problems.

Jain is the founder and chairman of the Kairos Society, an organization of young entrepreneurs working to create billion-dollar solutions to the world challenges. Jain is also the founder & CEO of Panjia,^[1] which helps breakthrough innovation accelerate growth into new markets in the United States, China, and Middle East. Jain has said that he believes helping entrepreneurs work across national borders can serve as a means to “privatize diplomacy.”^[2][3] In 2011, Inc. magazine named Ankur Jain the "Best Connected 21-Year-Old in the World"^[4] and awarded Jain "30 Under 30".^[5] In 2012, Jain was also named 30 under 30 by CSM.^[1]

Biography[link]

Ankur Jain was born in Bellevue, Washington. He is the son of InfoSpace founder Naveen Jain and Anu Jain, vice president of community relations for Intelius. Jain graduated from the Wharton School of the University of Pennsylvania in May 2011.

Kairos Society[link]

Ankur Jain is the founder and chairman of Kairos Society.^[6] The Kairos Society runs a fellowship program that brings together top undergraduate entrepreneurs from around the world to start high-impact ventures. In early 2011, Kairos hosted its third annual global summit at the United Nations, New York Stock Exchange, and Rockefeller Estate, and showcased 50 of the most innovative ventures launched by the Society’s fellows that year.^[7][8] In April 2011, the Society hosted its Europe Summit in The Hague, Netherlands, in partnership with the inaugural World Foresight Forum.

Singularity University[link]

Jain was selected as one of 80 students (out of 1,800) to participate in the Singularity University Summer Program, an interdisciplinary program based at the NASA Ames campus in Silicon Valley, where his father is a trustee ^[9]

Other Activities[link]

Jain has been interviewed by major media outlets, including CNN, The Wall Street Journal, Forbes, and Inc. on entrepreneurship and philanthropy.^[10][11] In a recent article for the U.S. Department of State’s Bureau of International Information Programs, Jain wrote about the transformational power of entrepreneurship for young people around the world.^[12]

Jain's Kairos Society has been named a partner organization to President Obama's Startup America initiative and received funds from the U.S. Chamber of Commerce under the initiative.^[13][14] He was selected as a speaker at the Youth International Economic Forum in St Petersburg, Russia in June 2011 alongside business leaders such as Eric Schmidt and Esther Dyson.^[15]

References[link]

1. ^ ^{a b} "MSNBC: Young Entrepreneurs Upbeat about the Future". MSNBC. 2012-02-05. http://bottomline.msnbc.msn.com/_news/2012/02/07/10340269-young-entrepreneurs-upbeat-about-the-future. Retrieved 2012-02-25. 
2. ^ TechCrunch, Sarah Lacy. Multinational Startups: The Future Or A Doomed Idea? (TCTV). Feb 4, 2011.
3. ^ CNN, Ali Velshi. Young Brilliant & Innovative. Feb 23, 2011.
4. ^ "Meet Ankur Jain, the Best-Connected 21-Year-Old in the World". Inc.com. 1970-01-01. http://www.inc.com/magazine/201107/ankur-jain-the-best-connected-21-year-old-in-the-world.html. Retrieved 2012-01-30. 
5. ^ "Ankur Jain, Founder of Kairos Society". Inc.com. 1970-01-01. http://www.inc.com/30under30/2011/profile-ankur-jain-founder-kairos-society.html. Retrieved 2012-01-30. 
6. ^ Kairos Society's Mission & Vision
7. ^ The Huffington Post, Nathaniel Cahners Hindman. Kairos Society Student Entrepreneurs Take Over NYSE Trading Floor. Mar 27, 2011.
8. ^ Bloomberg, Rebecca L. McClay. Kairos Society Helps Student Entrepreneurs Test Best Ideas for Startups. Feb 22, 2011
9. ^ Jain's Reference
10. ^ Inc., Donna Fenn. Why Being Unreasonable Pays Off. Mar 1, 2011.
11. ^ CNN Money. Student CEOs ready for takeoff. May 10, 2011.
12. ^ IIP Digital, Ankur Jain. Young Entrepreneurs Remake the World. May 10, 2011.
13. ^ TechCrunch, Sarah Lacy. Hey Obama, Where’s the Startup Visa in the Startup America Plan? (TCTV). Feb 3, 2011.
14. ^ The hill, Peter Schroeder. U.S. Chamber increasing investment in young entrepreneurs. Jan 31, 2011.
15. ^ Youth International Economic Forum, St. Petersburg. Breaking Down Walls. Jun 15-17, 2011.

External Links[link]

• Kairos Society Official Site
• Ankur Jain Official site
• Ankur Jain's father is a trustee

Naveen Jain
Entrepreneur, Philanthropist
Born	(1959-09-06) 6 September 1959 (age 52)
Alma mater	IIT Roorkee XLRI
Occupation	Founder World Innovation Institute, Co-Founder and CEO, Intelius Co-Founder, Moon Express Founder and Ex-CEO, Infospace
Website
http://www.naveenjain.com/

Naveen K. Jain (born 6 September 1959) is a business executive and entrepreneur. He is the founder of World Innovation Institute,^[1][2] InfoSpace, Intelius, and Moon Express.^[3] In 2000, Forbes ranked Jain 121^[4] on their list of 400 Richest Americans with a net worth of 2.2 billion dollars.

Background[link]

Jain grew up in villages throughout Uttar Pradesh, including cities such as New Delhi. Later he moved to Roorkee, where in 1979 he earned an engineering degree from the Indian Institute of Technology Roorkee, and then moved to Jamshedpur, where in 1982 he earned his MBA at XLRI School of Business and Human Resources.^[5][6]

Professional background[link]

Early professional life[link]

Jain left India in 1983 after being accepted to Burroughs via a business-exchange program to explore the emerging U.S. high-technology market. He worked at companies that included Convergent Technologies and Tandon Computer Corporation.^[5][6][7][8]

Microsoft and MSN[link]

In 1989, Jain joined Microsoft in Redmond, Washington, working in the capacity of Program Manager. He initially began working on OS/2 and then moved on to several of Microsoft's flagship products, including MS-DOS, Windows NT, and Windows 95. Jain is listed on three patents from his time with Microsoft.^[9] He later moved to the development of the Microsoft Network. Jain left Microsoft in 1996 to form InfoSpace.^[7]

InfoSpace[link]

Jain founded InfoSpace in March 1996 and served as Chief Executive Officer until 2000. InfoSpace provides metasearch and private-label Internet search services for consumers and businesses. While CEO, Jain's personal worth rose from almost one billion dollars in 1999^[10] to USD$2.2 billion in 2000 when, at the height of the dot-com bubble, he was ranked 121 on the Forbes 400 Richest Americans.^[11] He resumed the role of CEO in 2001,^[12] but was forced out by InfoSpace's board as chairman and CEO in December 2002.^[13] In April 2003, he resigned from the InfoSpace board.^[14]

Intelius[link]

In 2003, Jain co-founded Intelius, a Bellevue, Washington-based Web security firm with annual revenues of $150 million and more than 350 employees.^[5] Intelius specializes in public records information and offers service to consumers and businesses which include background checks and identity theft protection. Co-founders include John Arnold, Ed Petersen, Kevin Marcus, Niraj Shah, and Chandan Chauhan.^[15][16]

The company has been subject to significant criticism and lawsuits relating to their marketing practices.^[17][18][19]

Moon Express[link]

In August 2010,^[20] Jain co-founded Moon Express,^[21][22] a privately funded company that aims to build and launch a robotic spacecraft to the moon. Moon Express is a Mountain View, California-based commercial lunar transportation company pursuing the Google Lunar X PRIZE^[23] and a long term interest of developing lunar resources for benefits to humanity.^{[20][23][24][25]} Co-founders include Barney Pell^[26] and Robert D. Richards.^[27]

World Innovation Institute[link]

The World Innovation Institute focuses on innovations and entrepreneurship that have the potential to solve our world's most complex challenges.^[28]

Board memberships[link]

In June 2011, Jain was elected to the board of trustees of Singularity University.^[5][29]

Jain co-chairs the education and global development initiative of the X Prize Foundation.^[5][30][31] In this position, he has spearheaded several entrepreneurial incentive challenges to find solutions to agriculture, poverty, health and clean water. His current projects include Digital Doctor, which provides ways to give rural communities global access to primary care physicians. He is developing Addictive Education, which is a neuroscience-based program to teach students skills such as math, science and history.^[32]

Naveen is one of the founders and a board member of The Naveen & Anu Jain Family Foundation, based in Bellevue, Washington, which focuses discovering sustainable solutions to enduring human challenges ranging from space exploration to the urgent need for safe and efficient cookstoves used throughout the developing world.^[33]

Recognition[link]

In December 2011, Jain received the Lifetime Achievement Award at the Red Herring Global 2011 Conference.^[34]

In August 2011, Jain was named one of the Most Admired Indian Serial Entrepreneurs by Silicon India.^[35]

On April 25, 2011, The Times Group has awarded Jain the "Light of India Business Leadership Award" for "visionary entrepreneurship".^[5][36]

In 1999, Jain was awarded the Emerging Entrepreneur Award Winner for the Pacific Northwest Region by Ernst & Young.^[37][38][39]

Notable rulings[link]

In May 2002, U.S. District Judge Marsha Pechman made a landmark $247 million ruling in favor of Thomas Dreiling, a small shareholder of InfoSpace who brought a lawsuit against InfoSpace as well as then CEO Jain. Under the Securities and Exchange Act of 1934, the judge ruled, Jain had violated six month short swing stock trading rules. Language in documents prepared by J.P. Morgan Securities incorrectly put control of stock granted to Jain's children's trust funds in 1998 and 1999 in the Jains' account without the Jains' knowledge. The judge ruled that Jain had in essence "purchased" the stock for nothing. During that same period, Jain sold $202 million worth of stock. Jain argued that he didn't intend to take control of the trusts and blamed J.P. Morgan Securities, Inc., among others, for the mistake.^[40][41]

While the cases were in appeal, attorneys at the Securities and Exchange Commission urged the appeals court to reverse the ruling. Attorneys representing InfoSpace shareholders agreed to settle the case, fearing the weight of the SEC brief could result in a complete reversal of their ruling during the appeal process. In late 2004, InfoSpace reached a settlement agreement resolving the numerous related lawsuits, including the Dreiling v. Jain, et al. Section 16(b) (short swing) case which was pending on appeal before the United States Court of Appeals for the Ninth Circuit. Insurance carriers finally settled the case in March 2009.^[42][43][44]

Following the settlement, Jain unsuccessfully sued the stock management company and lawyers which jointly represented Jain and InfoSpace from 1998 to mid-2003. Jain accused the securities professionals of negligence resulting in the misappropriation of his children's trust shares, but lower courts dismissed Jain's complaints, citing federal law which prohibits lawsuits blaming security companies for risky trades. The Supreme Court in March 2009 refused to hear an appeal from Jain of a decision against him from the Washington state Court of Appeals. Jain and his wife Anuradha had accused the defendants of being responsible for language in InfoSpace's initial public offering prospectus that contained errors, which ultimately played a part in the $247 million judgment against Jain.^[44][45]

In early March 2003, InfoSpace sued Jain for allegedly violating noncompete agreements in his role at newly founded Intelius. In an interview after the suit was filed, Jain said the lawsuit was without merit and was a retaliation for Jain's whistle-blowing.^[13] The court found in favor of Jain citing no evidence to support InfoSpace's claim.^[46][47]

Philanthropy[link]

In May 2011, Jain funded a $1-million award for the "Digital Doctor" competition. The prize for this competition will go to the first team to build an easy-to-use, tablet- or laptop-based system that can accurately diagnose regional diseases afflicting people in developing nations.^[39][48][49]

In 2009, Jain helped raise over $200,000 at a luncheon benefiting Overlake Service League. He and his wife, Anu, co-chaired the event.^[5][50]

Family[link]

Jain is married and lives in Medina, Washington.^[4] He has three children, Ankur, Priyanka and Neal.^[32][33]

Jain's son, Ankur, started his own venture called Starnium at the age of 12. In 2007, he started a society of collegiate entrepreneurs called the Kairos Society, which is dedicated to "solving the world's greatest challenges."^[51] Within one year, the society went global. Now, it has more than 700 members.^{[39][51][52][53]} The society is an advisor to the U.S. Chamber of Commerce and Startup America.^[51] Ankur graduated from the University of Pennsylvania in May 2011, and is working on a business venture that will connect entrepreneurs with innovative technologies with established businesses in foreign markets.^[51]

His daughter, Priyanka, is the founder and president of iCAREweCARE.org, a social network that connects philanthropically minded high school and college students with local opportunities to give. The United Nations Foundation named her a "Teen Role Model" and "Teen Advisor".^[39]

References[link]