John Joseph

Career

Phelan"s leadership tenure at the New York Stock Exchange included the 1987 Black Monday stock market crash, during which he declined to halt trading. Phelan"s calm and confident manner was widely praised. After the crash, Phelan helped to implement trading curbs also known as "circuit breakers" to help prevent rapid stock selloffs in the future.

He started college in 1949, but left after two years to serve in the United States Marine Corps.

After returning from the Marines, Phelan went to work as a floor trader with his father"s firm, Phelan & Company and attended Adelphi University, where he received a bachelor"s degree in business administration. John Phelan Junior. died at age 81 from cancer.

Achievements

• Phelan became the first foreigner to own shares of a Chinese company when he was presented with a stock certificate of the Flying Happiness Acoustic Company by the then General Secretary of the Communist Party of China Deng Xiaoping in 1986. John Phelan was at that time the head of a United States delegation of Wall Street financiers. This was remarkable event that signaled Chinese commitment towards developing its own stock exchange as well as further economic reforms along market economy lines.

Membership

Phelan was born in New York City on May 7, 1931 to John Phelan Senior, a financier and member of the New York Stock Exchange, and Edna Kelly.