ISE Elects One Board Member; Seven Board Members Re-Elected
May 11 2005 - 6:13PM
Business Wire
The International Securities Exchange (NYSE:ISE) said today that
Sean Flynn of Timber Hill LLC, a subsidiary of Interactive Brokers
LLC, was elected by shareholders to the company's Board of
Directors. Barbara Diamond, James V. Harkness, Mark Kritzman,
William A. Porter, Ivers W. Riley and Richard Schmalensee were
re-elected to serve two-year terms. David Krell, ISE's president
and Chief Executive Officer, was reelected to serve a one-year
term. ISE's Board is comprised of 15 members, six industry
directors, eight non-industry directors and ISE's Chief Executive
Officer. Mr. Flynn was elected as a representative of ISE's Primary
Market Makers (PMM). His term expires in 2007. He has been an
options trader with Timber Hill LLC since 1997. He is also a member
of Interactive Brokers LLC, Timber Hill's parent company. He
graduated from the University of California at Irvine. Ms. Diamond
was reelected as a non-industry director. Her term expires in 2007.
She has been a director of ISE since 2000. Ms. Diamond has been
President of BBDiamond, LLC, a management consulting firm, since
2003. From March 1978 to December 2002, Ms. Diamond served as
President of the Diamond Services Group, Ltd. In addition, from
March 1999 to December 2002, Ms. Diamond conducted market research
for Strategic Market Systems. From 1985 to 1990, Ms. Diamond served
as the North American Representative for the Sydney Futures
Exchange. Ms. Diamond also has been a member of the Sydney Futures
Exchange and the Singapore International Monetary Exchange. Ms.
Diamond was a member of the International Monetary Market, a
division of the Chicago Mercantile Exchange, from 1972 to 1998. Ms.
Diamond has a B.S. in Economics from Elmhurst College. Mr. Harkness
was reelected as a representative of ISE's Competitive Market
Makers (CMM). His term expires in 2007. He has been a director of
ISE since 2002. Mr. Harkness has been a Managing Director of
Wolverine Trading, LLC and a limited partner of Wolverine Holdings,
L.P. since 1999. From April 1994 to July 1999, Mr. Harkness was
Managing Director of MicroHedge. Mr. Harkness also held trading and
sales positions with Telekurs AG, Market View Software and LaSalle
Arbitrage. Mr. Kritzman was reelected as a non-industry director.
His term expires in 2007. He has been a director of ISE since 2000.
Mr. Kritzman is the Chief Executive Officer and owner of Windham
Capital Management LLC. He has held this position since January
2000. In addition, from 1993 to 2000, Mr. Kritzman served as
Managing Partner of Windham Capital Management Boston, a general
partnership. Mr. Kritzman is also a Senior Partner of State Street
Associates, and the Research Director of CFA Institute's Research
Foundation. He also teaches the Financial Engineering pro-seminar
at the Massachusetts Institute of Technology's Sloan School. From
1986 to 1988, Mr. Kritzman was General Partner of New Amsterdam
Partners and from 1983 to 1986 was Vice President of Bankers Trust
Company. Prior to that, Mr. Kritzman held research positions with
AT&T and the Equitable Life Assurance Society. Mr. Kritzman
also has served as a director on several boards, including The
Center for International Securities and Derivatives Markets, The
Fischer Black Memorial Foundation, The Institute for Quantitative
Research in Finance and The International Association of Financial
Engineers. In addition, Mr. Kritzman serves on several editorial
and review boards, including Emerging Markets Review, the Financial
Analysis Journal, the Journal of Alternative Investments and the
Journal Derivatives and the Journal of Investment Management. Mr.
Porter was reelected as a representative of ISE's Electronic Access
Members (EAM). His term expires in 2007. He has been a director of
ISE since 2000. Mr. Porter is a co-founder, and was the first
Chairperson, of ISE from 1997 to 2002. Mr. Porter is also
Chairperson Emeritus of E*TRADE, the Managing Member of KAP Group
LLC and Chairperson of the Board of Adirondack Trading Partners
LLC, or ATP. He has been the Chairperson of ATP since 1997. Mr.
Porter has held numerous senior management positions, including
Chairperson of Trelleborg Rubber Company; President of Tretorn
Shoes; President of Commercial Electronics Incorporated. Mr. Porter
has a M.S. in Management from The Massachusetts Institute of
Technology, where he was a Sloan Fellow, a M.S. in Physics from
Kansas State College and a B.A. in Mathematics from Adams State
College. Mr. Riley was reelected as a non-industry director. His
term expires in 2007. He has served as Chairperson of ISE since May
26, 2002. He has been a director of ISE since 2000. From 1997 until
the end of 2001, he served as a member of the Executive Committee
of the International Options Market Association, where he was
formerly President from 1997 through 1998. From 1994 to 1997, and
from 1999 to 2000, Mr. Riley was the Chief Executive Officer of the
Hong Kong Futures Exchange and Chairperson and Chief Executive
Officer of the HKFE Clearing Corporation. From 1986 to 1993, he was
Senior Executive Vice President of the AMEX in charge of all
derivatives activity. From 1983 to 1986 he was Executive Vice
President of the NYSE in charge of the options division.
Previously, Mr. Riley was a founding partner of The Options Group.
In addition, he was a Senior Vice President of both PaineWebber and
the CBOE. Dr. Schmalensee was reelected as a non-industry director.
His term expires in 2007. He has been a director of ISE since 2000.
Since November 1998, Dr. Schmalensee has been the Dean of the
Massachusetts Institute of Technology, Sloan School of Management
and a Professor of Economics and Management. Previously, Dr.
Schmalensee served as Deputy Dean and Interim Dean. Dr. Schmalensee
has been a part-time consultant for LECG, LLC since April 2004 and
was a part time consultant for NERA Economic Consulting from 1991
through March 2004. In addition, Dr. Schmalensee serves on the
Board of Directors of IDG, Inc., and previously served on the Board
of Directors of MFS Investment Management, from June 2002 to April
2004. From 1989 to 1991, Dr. Schmalensee was a member of the
President's Council of Economic Advisers. Dr. Schmalensee is a
research associate of the National Bureau of Economic Research, a
fellow of the Econometric Society, a member of the International
Academy of Management, and a fellow of the American Academy of Arts
and Sciences. Before joining MIT in 1977, Dr. Schmalensee was an
Associate Professor at the University of California, San Diego, and
has served as a visiting professor at the Harvard Business School.
Mr. Krell, who has served as ISE's President and Chief Executive
Officer since 1997, was reelected to serve as CEO Director for
another one-year term. Mr. Krell co-founded ISE in October 1997.
From 1997 to 1998, he was Chairperson and co-founder of K-Squared
Research, LLC, a financial services consulting firm. From 1984 to
1997, Mr. Krell was Vice President, Options and Index Products, of
the NYSE. From 1981 to 1984, Mr. Krell was First Vice President at
the Chicago Board Options Exchange. Mr. Krell was also a Vice
President at Merrill Lynch from 1978 to 1981 and founded its
Managed Options Service. He was a director on the Board of the
International Federation of Technical Analysts, a President of the
Market Technicians Association and a director on the Board of
Directors of The Options Clearing Corporation, or OCC. Mr. Krell
formerly was an Adjunct Professor at Rutgers University Graduate
School of Management and at the Graduate School of Baruch College.
He has taught coordinated and directed seminars and workshops at
the New York Institute of Finance. ISE Background The International
Securities Exchange, the world's largest equity options exchange,
was founded on the principle that technology fosters and infuses
new efficiencies and operational innovations into securities
trading. After developing an innovative market structure that
integrated auction market principles into an advanced screen-based
trading system, ISE launched the first fully electronic US options
exchange in May 2000. ISE continually enhances its trading systems
to provide investors with the best marketplace to execute their
options orders. For more information about ISE, its products and
its technology, visit www.iseoptions.com.
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