ISE Announces Four New Board Members
May 08 2007 - 5:30PM
Business Wire
The International Securities Exchange Holdings, Inc. (NYSE: ISE)
today announced that two new members are joining its Board of
Directors. Joseph Stefanelli and Kenneth Vecchione are replacing
Ivers Riley and Mark Kritzman who are retiring from the Board due
to term limits. Mr. Stefanelli and Mr. Vecchione will also join the
Board of International Securities Exchange, LLC (ISE LLC), ISE�s
operating company. In addition, Leonard Ellis and Randy Frederick
will join the ISE LLC Board as the representatives of ISE LLC�s
Competitive Market Makers (CMMs) and Electronic Access Members
(EAMs), respectively. Mr. Ellis and Mr. Frederick replace James
Harkness and William Porter, who are also retiring from the Board
due to term limits, in these positions. Mr. Stefanelli served in
various senior positions at the American Stock Exchange from 1984
to 2002, including Executive Vice President of Equities and
Executive Vice President of Derivatives Securities. Throughout his
distinguished career, Mr. Stefanelli has served on various options
advisory committees and also as a director of The Options Clearing
Corporation from 1995 to 2002. Mr. Stefanelli has also taught at
the New York Institute of Finance. Mr. Vecchione joined MBNA
America Bank in 1998 and, most recently served as Vice-Chairman and
Chief Financial Officer of MBNA Corporation from 2004 to 2006. Mr.
Vecchione�s previous experience includes serving as Chief Financial
Officer of AT&T Universal Card Services from 1997 to 1998 and
Chief Financial Officer and Group President of First Data
Corporation�s Electronic Funds Management business from 1994 to
1997. He also worked at Citigroup for 17 years, where he was Chief
Financial Officer of their credit card business. Mr. Vecchione is a
board member and Chairman of the Audit Committee for Affinion
Group. He holds a B.S. in Accounting from the University of New
York at Albany. Mr. Ellis has been the Head of Equity Derivatives
in the Americas for Citigroup since July 2006. He has held various
management roles in Equity Derivatives at Citigroup since joining
the firm in August 2000. Mr. Ellis worked at Bankers Trust from
1990 to 1999, where he ran the US Equity Derivatives Trading
Business. Mr. Ellis is a graduate of the University of Pennsylvania
where he received bachelor degrees in Finance from the Wharton
School and Mathematics from the College of Arts and Sciences. Mr.
Frederick has been the Director of Derivatives for Charles Schwab
and Senior Registered Options Principal of CyberTrader Inc. since
2000. He is one of the chief architects of both CyberTrader and
Schwab�s option trading platforms and analytics tools. He is the
author of monthly columns in Schwab�s client-exclusive newsletters
and has published several articles in Active Trader, SFO, and
Futures magazine. Mr. Frederick is a frequent guest on CNBC and his
comments appear regularly in the financial news media including The
Wall Street Journal, Barron�s, Financial Times, and Bloomberg. He
has been a member of the ISE Allocation committee since 2002. Mr.
Frederick is a graduate of Indiana University, where he received a
B.S. in Marketing. David Krell, ISE�s President and Chief Executive
Officer, said, �We are pleased to welcome Joseph and Kenneth as
independent directors on ISE�s Boards and Leonard and Randy as
representatives of our CMM and EAM members. We are fortunate to
have such distinguished industry veterans serve on our Boards of
Directors and we look forward to the expertise that they will bring
to their new positions.� In addition to the newly elected Board
members, Barbara Diamond and Richard Schmalensee were re-elected to
serve another two-year term on the Boards of ISE Holdings and ISE
LLC. David Krell, ISE�s President and Chief Executive Officer, was
re-elected to serve a one-year term. Sean Flynn, a trader at market
maker Timber Hill LLC, was also re-elected for a two-year term as
the representative of ISE�s Primary Market Makers (PMMs) on the ISE
LLC Board. ISE Background International Securities Exchange
Holdings, Inc. (NYSE: ISE), through its subsidiaries, operates a
family of innovative securities markets. ISE is founded on the
principle that technology and competition create better, more
efficient markets for investors and consists of an options
exchange, a stock exchange and an alternative markets platform. ISE
continually enhances its trading systems and develops new products
to provide investors with the best marketplace and investment tools
to trade smarter. ISE developed a unique market structure for
advanced screen-based trading systems and in May 2000 launched the
first fully electronic US options exchange. Currently, ISE operates
the largest U.S. equity options exchange and is among the leading
options exchanges in the world. ISE offers index options, including
a portfolio of proprietary index products, and enhanced market data
products for sophisticated investors. ISE FX Options� launched in
the second quarter of 2007. ISE Stock Exchange, launched in
September 2006 with strategic partners, includes an innovative
MidPoint Match� platform which offers investors continuous price
improvement. MidPoint Match was integrated with a fully displayed
Best Bid Offer market in the fourth quarter of 2006. ISE�s
alternative markets business currently consists of an events market
trading platform known as Longitude. Longitude�s patented and
proprietary technology provides a unique parimutuel structure for
derivatives auctions which results in greater trading and pricing
flexibility for market participants. For more information about ISE
and its options exchange, visit www.iseoptions.com and for more
information about ISE Stock Exchange, visit www.isestock.com.
Additionally, to learn more about ISE alternative markets
technology, visit www.longitude.com.
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