Dominick F. Antonelli hadn't intended to become a bond guy -- he wanted to be a cop.
But at 18, the Brooklyn native was three years too young to join the New York City police force. So to fill the time until he was 21, he got a job on the trading floor at Roosevelt & Cross in Manhattan.
Forty-two years later, Antonelli is chairman, president, and chief executive officer of the Wall Street firm and a respected leader in the municipal finance community. This evening at The Bond Market Association's annual meeting at the Waldorf-Astoria Hotel in Manhattan, Antonelli will receive the group's "Chairmen's Achievement Award" for his help to the association and the industry on several municipal securities issues. These include the Municipal Securities Rulemaking Board's Rule G-37 on political contributions, primary and secondary market disclosure, straight-through processing of trades, and price transparency.
"He's exactly the sort of person who's worthy of this recognition, someone who's successful in the business, and someone who rolls up his sleeves to be a leader at the industry level for the betterment of the overall marketplace, the overall business," said TBMA president Micah Green.
"He definitely very much deserves this award," said Christopher Taylor, executive director of the Municipal Securities Rulemaking Board. "He is one of the few people that I know over the years who, when he signed up for a committee, showed up for all of the meetings and religiously participated, in some cases in stuff that would numb other peoples' minds. He has not hesitated to represent the views of the smaller broker-dealers and the community and the like."
"He's the rock-solid type of person that you love to have in the industry and on your committees and at all of your forums," Taylor added.
According to Antonelli, he started in the business "before it was really formal. We weren't really specialists at the firm ... everybody chipped in and did what they had to do." He noted that he never got his college degree, though he did take classes at Rutgers and Pace universities, and all that work would probably make a degree "if you add them all up."
He said he made chairman of the firm because "I outlived everyone."
Roosevelt & Cross was started in 1946 by President Theodore Roosevelt's son Archibald Roosevelt and Edward J. Cross, who hired Antonelli. The firm specializes in competitive sales and has a part in every single New York City issue, according to Antonelli.
In the year so far, it ranked fourth as co-manager on New York City deals and sixth as senior manager, according to Thomson Financial Securities Data. Nationally, it ranks 24th as co-manager and 21st as senior manager in 2002.
Antonelli noted that the firm is a "salary and bonus shop" and doesn't run on commission. Anyone who has worked there a few years can buy into the business. That was the way it was when Antonelli started, and he hasn't any desire to change it.
"My personal opinion is that it makes it more of a family atmosphere where people are working for the betterment of the firm," Antonelli said. "The main thing is to make sure your customers are taken care of."
Antonelli's background includes about four years on the National Association of Securities Dealers, as well as many assignments with TBMA and the MSRB.
Antonelli sees rebuilding Manhattan following the Sept. 11 terrorist attacks as one of the bond community's most pressing current challenges. "It's the greatest city in the world, and it needs a lot of help right now," he said. "The infrastructure of the United States needs a lot of attention, too."
" The bond business is still a growth business," Antonelli said. "I don't think we realize sometimes what we've done over the years. When you ride over a bridge, or go to a hospital, or even go to a ball game, that's all bonds at work."
