Tenacity. Technical expertise. Organizational ability.
The Dream Exchange was created by Joseph J. Cecala, an attorney, CPA, and internationally recognized expert in the area of capital markets and small company capital formation and structuring.
Joe has been an entrepreneur and angel investor advisor for over 25 years, and he was legal counsel to the founding partners of the company that became the Archipelago Exchange (ArcaEx), created in 1996, which revolutionized the stock market by creating the first electronic communications network to use the internet to trade stock.
Archipelago merged with NYSE in 2005 when electronic stock exchanges dominated all forms of stock trading. Today, using the foundational technology of Archipelago, the NYSE is regarded as the world’s most successful stock exchange.
Since 2006, Joe has been working to adopt certain of the benefits of stock exchange models, technology and the need for small business liquidity into real legislative change. The framework for this change is in a new form of stock exchange known as a “venture exchange” and newly created securities known as “venture securities”. The reason venture exchanges do not exist today is because their existence is legally prohibited. The barrier to their formation is the need to amend two nearly 85-year-old federal securities laws, the Securities Act of 1933 and the Securities Exchange Act of 1934. Joe did not agree that this barrier could not be overcome. He took it upon himself to collaborate with congressional leadership and other leading stock exchange executives and created a re-write of the law known as the Main Street Growth Act (MSGA). In 2018 this bill unanimously passed the House and Senate but was not signed into law due to the year-end spending bill political turmoil.
Due in great part to Joe’s efforts to help create this law, newly introduced as HR 2899, the Main Street Growth Act is being backed by Republicans and Democrats alike, with numerous co-sponsors. That in itself speaks volumes about the universally helpful content of the law and Joe’s ability to lead the Dream Exchange in the creation of this new industry.