He contributed to the adoption of changes in the exchange's operations after the event, including circuit breakers as trade curbing mechanisms during periods of intense volatility.

Birnbaum studied at the DeWitt Clinton High School and later went to the New York University where he received a Bachelor of Business Administration degree in 1957.

[1] Birnbaum started his career with the Government Accountability Office, a US federal agency, before joining the Securities and Exchange Commission (SEC) in 1961.

[1] In April 1985, Birnbaum was named president and chief operating officer of the New York Stock Exchange, effective May 6, 1985, with a salary of $500,000 per year.

[8] Birnbaum served as president during the market crash of 1987, when US stock prices dropped more than 22 percent, or 508 points, in a single day on October 19, 1987.

Subsequently, Birnbaum would bring together leaders of all major exchanges to study the event and put in place a common set of rules to halt trading.

In a meeting that Birnbaum convened between leaders from various exchanges, including John J. Phelan Jr. and William J. Brodsky, at the Four Seasons Hotel in Manhattan, they would agree to establish circuit breakers as trade curbing mechanisms during periods of excess volatility.

[13] In February 2009, after financial markets had experienced a severe downturn and Wall Street's reputation was diminished, he stated: "It's taken a hit, but so what?