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Former NYSE president on why he left to join a SPAC

Tom Farley. Photo by: David A. Grogan via Getty Images.

Far Point Acquisition, a "special purpose acquisition vehicle" formed by former New York Stock Exchange president Tom Farley and Dan Loeb's Third Point, began trading yesterday after raising $550 million in its IPO.

"I had learned a lot about the SPAC structure from all the ones that went public on NYSE, but one big fly in the ointment is that investors can redeem... So I made one phone call to Dan Loeb, who I'd gotten to know over the years, and asked him to provide a $400 million backstop as a partner and to provide expertise. He said yes, and here we are."
Tom Farley to Axios