HISTORY
In the fall of 1980, Bill Devin, Aime Girard, Frank Graham, and Tom Lewis (the Founders) met for dinner. During the evening, many issues concerning the investment industry were discussed, including the Security Traders Association's focus on the over-the-counter markets. The idea for a new industry organization occurred when the Founders realized the need to establish an organization with emphasis on the listed markets and market structures.
Between 1980 and 1983, Frank Graham and Tom Lewis planned many ad hoc meetings in which 15 to 25 traders met periodically to discuss a broad range of issues pertinent to the industry, as well as the Securities and Exchange Commission's proposed regulations affecting both the buy- and sell-sides of Wall Street. In 1983, the Founders decided to take the necessary steps to formalize the organization. Planning included crafting a charter, choosing a name, and establishing membership criteria and organization structure.
The product of the work by the Founders is the National Organization of Investment Professionals (NOIP). From the beginning, regulators expressed an interest in attending NOIP meetings because of the diversity of the membership and also the input, ideas and opinions they expected to encounter. The Founders chose:
- A charter to educate members by way of discussions on key issues with regulators to establish a good, cohesive relationship, enabling membership opinions to be heard.
- A name to encompass every professional involved in the equity securities market.
- A membership open to specialists, floor brokers, regional exchange members, upstairs traders, buy side traders, OTC traders, third/fourth markets and futures and options traders -- to create a diversity of experience with proportionate balance.
- A structure that kept the organization small, with four board meetings two general meetings annually, to be held in New York and Washington.
The vision of the Founders for NOIP is intact and remains strong in today's membership, ensuring meaningful dialogue among the membership and with our regulators and representatives on Capitol Hill.