35 under 35, Molly McGregor, Director of Corporate Affairs, International Securities Exchange
By Jessica Titlebaum (Chicago)
It is Wednesday morning when I sit down to interview Molly McGregor, the Director of Corporate Affairs at the International Securities Exchange. McGregor is getting ready to attend a conference in Rhode Island as the representative of ISE’s Political Action Committee (ISE PAC) the upcoming weekend.
“That’s one thing that has changed,” said McGregor, “I used to throw a few items in my suitcase, and I was out the door. Now, I have to consider the baby’s needs as well – diapers, food, and formula. No more dashing off to the airport with a small carry-on bag. When possible, I try to bring my family with me to conferences, especially if they run through the weekend.”
As a new mother, Molly McGregor is just beginning to experience the trade-offs that come with a nine month old son and a full time job.
“The challenges change on a weekly basis as he grows and his needs evolve,” she said. Finding the right balance between commitment and flexibility is an issue McGregor struggles with. As someone who used to be able to devote whatever time was needed to the task at hand, she is realizing there are now things in her work life and home life that are non-negotiable, and everything else needs to be kept flexible.
“For example, my son’s day care had a picnic and instead of bringing homemade cupcakes, which I would have normally done and certainly wanted to do, I had to buy cookies at the store,” she said. “If I have to let go of something I will, but I was not going to miss that picnic.”
>Learning the Importance of Career Management
Following her passion for politics and interest in business and finance, she graduated with a double major in economics and politics from Washington and Lee University.
She began her career at Bowles Hollowell Connor, a boutique investment bank in Charlotte, North Carolina that became part of First Union Securities soon after she joined the firm. After a short time there, she relocated to Los Angeles to join the Mergers and Acquisitions team at Donaldson Lufkin Jenrette (DLJ).
“After a few months of working at DLJ, it was acquired by Credit Suisse First Boston. In the span of two years, I went through two mergers and had four business cards,” McGregor added. “This experience taught me early on the importance of corporate culture and of managing your own career, especially in times of transition which are always challenging but can present many opportunities.”
Working on an M&A team, she saw the nuts and bolts of how companies work.
“As an analyst, I worked to value companies by building financial models projecting how the business would operate in the future and what drivers would make a company successful. Although I realized early on that I did not want to pursue investment banking long-term, this experience served as an excellent foundation for a career in finance,” she explained.
The Intersection of Business and Politics
After a few years, McGregor left investment banking and attended the London School of Economics where she earned a Masters in International Political Economy.
“I have always been very interested in the intersection of business and politics,” she said. “The areas are dependent yet completely different worlds, and having a role that afforded me insight into both areas was very attractive. I used my graduate degree as a platform to make that jump.”
After graduate school, McGregor landed a position at the Institute of International Finance (IIF), a trade association based in Washington, where she represented international banks. She began as a policy analyst and was promoted to policy advisor in the Regulatory Affairs department.
One of the projects McGregor worked on was the framework that governs capital requirements for banks known as Basel II.
“The position at IIF was a great fit for my interests and experience. I also was able to travel internationally to places like Europe, Asia and South Africa, which I really enjoyed” said McGregor. “But as it often does, life interrupted.”
While in D.C., McGregor met her future husband and began a two-year long distance relationship before moving to New York.
“I had a lot of apprehension about moving to New York, and the IIF wanted me to continue in my role there but work remotely which made the decision harder,” said McGregor. “I ultimately decided that I was at a point in my career where it was critical for me to interact and learn from people that were senior and more experienced than me in order for me to continue to grow professionally. ”
In the end, she felt that staying at the IIF and working from New York would hamper her career. She moved to be with her husband and landed the perfect job at the International Securities Exchange (ISE), an all-electronic options exchange.
A Resource For Capitol Hill
When McGregor started as the Director of Corporate Affairs at ISE, she was the sole member of the department. In the past four years, the Corporate Affairs team has grown to include two more individuals. She is also hiring a third employee to be located in Washington and to act as the eyes and ears of the Exchange in D.C.
McGregor’s responsibilities currently include media and public relations and government relations, as well as other strategic communications initiatives. She also manages the Exchange’s Political Action Committee. Her current focus is on developing the firm’s legislative affairs strategy and expanding ISE’s overall presence in Washington.
“On the Hill, my objective is to establish relationships with leaders who are involved with overseeing the financial markets,” she said. “When they need information on a certain aspect of the market, I want them to think of ISE as their resource because we consistently give them accurate and helpful information.”
McGregor and her department at ISE have helped inform the Hill about the facts behind such controversial topics as high frequency trading and flash orders as well as the Exchange’s views on regulatory reform.
ISE has also joined forces with other Exchanges like Nasdaq and the Chicago Board Options Exchange to help promote a streamlined rule filing process at the SEC. The provision, which the Exchanges fought for, was included in the Reform bill that passed as law earlier this summer. It should allow the Exchanges to offer innovative new products to the investing public more quickly by setting a clear timeline for SEC approvals.
Next up on McGregor’s plate is a new initiative the Exchange has embarked on in the corporate responsibility space. The Corporate Affairs team is spearheading ISE’s ’10 in 2010’ initiative, where they will organize 10 different volunteer activities to help out the Ronald McDonald House of New York and the families housed there who are impacted by pediatric cancer.
When she thinks about having too many balls in the air, McGregor remembers her mother’s schedule. She started medical school when Molly was in kindergarten.
“In third grade, I remember my mom waking me up in the middle of the night to ask for help because the family printer wasn’t working, and she had a big paper due the next day,” she said. “It reminds me that if you set goals for yourself and prioritize what is important, anything can be done, and done very well.”
