Donald Edward Weeden passed away on July 24, 2025, at his home in Danbury. He was 95 years old.

Known as “The Maverick of Wall Street,” Weeden advocated against fixed trading commissions and pushed for greater competition and transparency in the financial markets. In a 1987 Institutional Investor profile, Don Weeden was praised as a “strident voice for change” in equity markets.

In New York, Weeden’s voice grew, challenging the complacency and privilege of the New York Stock Exchange. Some called him a maverick for going up against the NYSE; some called him a Don Quixote for chasing perceived injustices; some called him an SOB for pushing to change rules that served to enrich brokers. His brothers called him “reckless” but admired his persistence in confronting the establishment. Whatever the label, Weeden’s rebel nature was visionary in that it forced institutions to change and open access to wealth for millions of Americans.

When Weeden ran for the United States Congress in 1968, he campaigned for the people, placing justice in education, housing, and gun control on the front burner. He believed in “not being afraid to take a stand” against established norms including civil rights and an end to the Vietnam War. Although his moderate Republican bid was not successful against the Democrat incumbent, Weeden’s challenge put the elites on notice.

Weeden was born on June 7, 1930, in Alameda, California. He was the fourth son of Mabel and Frank Weeden, a successful municipal bonds trader who founded Weeden & Co with his brother Norman in 1922.

After Weeden followed his brothers to Stanford University, he enlisted and served in the Air Force, flying for the 496 Fighter Interceptor Squadron, and married his first wife Vera Knauer (d. 2023), with whom he fathered four children, Elizabeth, Frank (d. 2013), Christine and John. He returned to New York City and joined his older brothers in running the New York office of Weeden & Co.

During the mid-20th Century, the firm expanded into equity trading, eventually becoming a key player in third-market trading — executing off-exchange transactions for institutional clients. This approach gave Weeden a competitive edge and positioned the firm as a challenger to the New York Stock Exchange’s monopoly. Weeden & Co became an investor in Instinet and developed its own proprietary system, WHAM (Weeden Holding Automated Market System). WHAM became the Regional Market System (RMS) and Multiple Dealer Trading System (MDTS), one of two systems authorized by the US Securities and Exchange Commission to fulfill Congress’ vision of a National Market System.

The firm weathered market downturns and regulatory changes during the 1970s. In 1978, Weeden & Co merged with Moseley, Hallgarten & Estabrook.

Several years later, with the support of close friend Chuck Kelly, Weeden secured financing from the Weyerhaeuser and Jaffray families in Minneapolis. This pivotal backing enabled him to separate from M.H. & E. and formally re-establish Weeden & Co.

Together with Barry Small, Robert Cervoni and Tim McDonald, Weeden relocated the newly imagined Weeden & Co to Maiden Lane in New York City, before ultimately moving its headquarters to Greenwich.

Weeden & Co continued to evolve into a specialized institutional brokerage, focusing on equity execution, commission management, transition management and algorithmic trading.

They remained independent and client-focused, distinguishing themselves from larger investment banks by eschewing proprietary trading and investment banking conflicts.

Weeden & Co is remembered as a pioneering force in financial market reform, particularly for its role in advocating for unfixed commissions, off-exchange trading, and institutional access. Its influence is evident in today’s more competitive and transparent trading environment. In 2019, Weeden & Co was acquired by Piper Jaffray (Piper Sandler).

Weeden’s hobbies ranged from playing squash at the club on Park Ave and tennis, to chopping and stacking wood for his homes in Connecticut over the years. He built his first home in Newtown in 1976, including using an adz to square old fallen ash trees into 30-foot-long beams that underpinned the living room.

Weeden had a passion for venture investment and innovation. He played a role in the founding of National Semiconductor along with Peter Sprague, both serving as longtime board members. Weeden continued to champion technological advancement by investing in a range of high-tech ventures including Cadence Design Systems, Cymer Laser Technologies, and SemiEquip.

Weeden, together with his three brothers, served as a board member of the Weeden Foundation, a nonprofit organization established by their father with a mission to support environmental protection and conservation efforts. Board meetings often began with discussions about grant-making but inevitably drifted into recollections of their childhood in Alameda. Today, the Foundation continues its work with the active involvement of the immediate and extended Weeden family.

In 1987, Weeden married his second wife, Patricia Cawley, at the place where they first met, the Charles Ives Center for the Arts. Patricia had three daughters, Patricia, Brigitte and Lisa, from a previous marriage. She joined the board of the Charles Ives Center for the Arts, a 40-acre site located on the Western CT State University campus. Weeden became Chairman in 1984 and sponsored “Musical Fair America”, which began a 15-year run of live concerts from performers such as Willie Nelson, Ray Charles, Roy Orbison, Sheryl Crow and Earth, Wind and Fire. Weeden’s greatest pleasure was rebuilding the stone walls and chopping wood at the Ives Center.

Skitch Henderson, renowned conductor and a cherished presence at countless Fourth of July celebrations, strongly recommended that the stage Weeden constructed at the heart of the Ives Center be large enough to host a full-sized orchestra.

At the urging of June Goodman, and with the support of Weeden and other Ives Center board members, a scholarship was established in the name of Marian Anderson, a legendary contralto and longtime Danbury resident, to support students pursuing music. Artists such as Isaac Stern and Jessye Norman lent their talents in benefit performances to help raise funds. The scholarship has since been moved to the Kennedy Center.

Together, Don and Pat bring seven children, their spouses, 13 grandchildren and six great grandchildren into one family.

They wintered in St Croix, USVI, where they built a home together in 2000.

Weeden wrote about his experiences on Wall Street in Weeden & Co: The New York Stock Exchange and the Struggle over a National Securities Market (2002). He co-authored Dog Days (2000), about his Air Force experience. His memoir As Luck Would Have It (2017) chronicles his life. And most recently, Weeden drafted a family history, The Weeden Family Odyssey, which his son John is currently editing.

Weeden is survived by his wife, Patricia; their children Elizabeth Barek (Lowell), Christine Roux (Nick), John Weeden (Gloria), Brigitte Gulliver, and Lisa Cummings (Tom); grandchildren Nick Leibowitz (Ana), Sophie Leibowitz, Pablo Weeden, Santiago Weeden, Jacobo Weeden, Eric Roux, Malcolm Roux, Katherine Scosta (Chris), Richard Isacsson (Sarah), Patrick Diederich, Victoria Umsted (Connor), Sean Diederich, and Ian Cummings (Rachel); and great-grandchildren Leonardo, Scarlett, Roman, Frank, Julian, and Madeleine. He was predeceased by children Frank Weeden and Patricia Gulliver.

A Memorial Celebration will be held on August 10 from 2 to 5 pm at High Fields, 85 Middle River Road in Danbury.

Donations in his honor can be made to the St Croix Foundation, 1023 Market Street-2nd Floor, Christiansted VI 00820 or Danbury Hospital Development Fund, c/o Western CT Health Network Foundation, 24 Hospital Avenue, Danbury CT 06810.

Arrangements by Green Funeral Home, Danbury.