On May 6, a day when 19 billion shares traded hands in the equities markets, institutional broker BTIG raised $4 million for various charities at its annual fundraising event.
The day was memorable not only because of the high volume, but also because the market itself experienced a brief hiccup that regulators and exchanges are still trying to figure out. The volatility, which generated increased trading volume, helped to make BTIG’s 8th annual Commissions for Charity Day a success.
BTIG donated the trading commissions it earned from the 200 million shares that changed hands in its equity and equity derivatives operations. The money will be given to 138 children’s charities nationwide, including The Michael J. Fox Foundation, Autism Speaks, Make-a-Wish Foundation, Children of Fallen Patriots, A Little Hope, National Downs Syndrome Foundation and All-Stars Helping Kids.
The mood was upbeat at the end of the tumultuous trading day, which at one point saw more than 600 points erased from the Dow Jones Industrial Average in minutes. The charities benefited from the market mayhem, said BTIG co-founder Steven Starker.
"The volume of business and the volatility in the markets definitely helped us, in terms of activity on the desk," Starker said.
In 2009 the Commissions for Charity Day raised $3 million and distributed money to 70 charities. Since the event’s inception eight years ago, BTIG has raised $15 million.
The day-long event featured celebrities Michael J. Fox, Matt Dillon, John McEnroe, Joe Girardi, Reggie Jackson, Ronnie Lott and Marcus Allen acting as sales traders on the phones with BTIG’s clients in the firm’s New York, San Francisco and Los Angeles offices to stir up interest.
"We were particularly pleased to welcome so many charities and celebrities to our offices around the country to help us generate millions of dollars that will be used to provide for these important organizations," Starker added.
About 90 percent of the charities selected to receive funds come from client nominations and the balance from BTIG. Participating clients can designate how much of their commissions are paid and to which charities the money should go.
"This is the good side of Wall Street giving back to society and children," Starker said. "This was about clients, traders and sales traders all banding together for the greater good. It feels good for all of us to take some money out of our pockets to help many worthwhile causes."
