Important information you need to know about CBOE and Bats coming together.
All CBOE markets will migrate to the NY5 data center alongside the Bats markets. The CBOE markets will be available through latency-equalized infrastructure from both NY4 and NY5, as are the Bats markets.
A single set of order entry (BOE/FIX) and market data protocols will be available for all CBOE and Bats markets.
The same Bats feeds you’re using today will be built across all markets: Depth, Auction, DROP and Historical.
The CBOE markets will be available through latency-equalized infrastructure from both NY4 and NY5 over 1G and 10G physical ports.
Edward Tilly is the chairman of the board and chief executive officer (CEO) of CBOE Holdings, Inc., Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2). He also serves as the chairman of the board of the CBOE Futures Exchange (CFE). Tilly has been an integral part of the CBOE community, as both a trader and exchange executive, for more than 25 years.
Prior to being named CEO, Tilly was CBOE president and chief operating officer (COO) from November 2011 through May 2013. He served as CBOE's executive vice chairman from 2006 to 2011 and held the highest member-elected position at the exchange as CBOE’s member vice chairman from 2004 to 2006.
Tilly came to CBOE as a trading floor clerk in 1987 and became a floor trader and CBOE member in 1989. He traded as both a market maker and a designated primary market maker (DPM) until joining CBOE’s executive management team in 2006.
As a CBOE member, Tilly served on the CBOE Board of Directors from 1998 to 2000 and again from 2003 to 2006 and chaired the CBOE Floor Directors Committee from 2004 to 2006. He was also a member of the Executive, Compensation and Governance Committees, key committees of the CBOE Board of Directors.
Tilly currently serves on the board of directors for CBOE Holdings, Inc., CBOE, C2, CFE, Northwestern Medical Group, the OCC and Working in the Schools. Tilly is a member of the Economic Club of Chicago and the Chicago Club.
He received a BA in Economics from Northwestern University.
Chris Concannon is president and chief operating officer at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition. He is responsible for CBOE’s trading businesses – U.S. and European Equities, U.S. Options, Global Foreign Exchange and Futures – as well as Technology/Operations, Risk and Marketing.
As CEO of Bats, Concannon led that company’s successful April 2016 initial public offering as well as the acquisition by CBOE in February 2017, creating one of the largest global market operators.
Under his guidance, Bats, a 300-person company, operated the number-one market for the trading of European equities, U.S. equities (excluding auctions) and exchange-traded funds, as well as a growing U.S. options business. Earlier, as president of Bats, he played a major role in acquiring Hotspot FX, leading the firm into the global foreign exchange industry.
A noted global market structure expert, Concannon has more than 20 years of experience as an exchange executive, trading participant and regulator. This includes six years at Nasdaq as executive vice president, transaction services, where, during his tenure from 2003 to 2009, he helped to transform the company. He was responsible for Nasdaq's U.S. equity and options markets and also led numerous acquisitions and integrations, including Brut, Inet and the Philadelphia and Boston Stock Exchanges. A chief liaison with customers and regulators, he also directed the launch of the Nasdaq Options Market.
Immediately prior to joining Bats, Concannon was president and chief operating officer of Virtu Financial, a global electronic market maker, from 2009 to 2014. He was instrumental in growing Virtu into one of the world's most influential market makers, providing liquidity on over 200 different exchanges and market centers in more than 30 countries in equities, fixed income, currencies and commodities.
Concannon was previously a staff attorney at the Securities and Exchange Commission in the Division of Market Regulation from 1994 to 1997 before joining the law firm of Morgan, Lewis and Bockius LLP. In 1999, he moved to Island ECN, one of the innovative firms that dramatically changed the U.S. market landscape, as special counsel and vice president of business development. From Island, he became president of Instinet Clearing Services before joining Nasdaq in 2003.
Concannon holds a bachelor's degree from Catholic University, an MBA from St. John's University and a JD from Catholic University's Columbus School of Law. He also holds Series 7 and 24 licenses.
In this role, Deters leads corporate strategy and strategic partnerships, investments and acquisitions, product research and proprietary product development. Deters oversees the multi-asset solutions group, which encompasses index services, execution platforms and advanced information solutions offerings across the range of CBOE trading venues globally.
Prior to joining CBOE in 2013, Deters served as an investment banker in the Financial Institutions Group for Barclays since 2008, and in a similar capacity for Lehman Brothers from 2006 to 2008. At both firms, he worked closely with financial services and exchange clients in developing comprehensive strategic analyses, led execution teams in domestic and international M&A transactions and structured and executed a wide variety of corporate financing transactions.
Deters served in the Financial Institutions M&A and Corporate Law practice groups for the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, in New York, London and Frankfurt, between 2001 to 2004. He also worked in the Banking Regulation Division for the Institute of International Finance and for the Office of International Affairs for the Securities and Exchange Commission (SEC).
Deters holds an MBA from the University of Chicago, a JD/Master of Science in Foreign Service from Georgetown University Law Center and a bachelor’s degree from Wheaton College, Wheaton, IL. Deters serves on the board for CBOE Vest. He is a member of the New York State Bar Association and the Federal Reserve Bank of Chicago’s Working Group on Financial Markets.
Alan Dean is chief financial officer and treasurer of CBOE Holdings, Inc. and chief financial officer of CBOE. He has served in that capacity since 1988 and has been employed at CBOE in the financial area since 1979.
Dean serves on the board of directors of The Institute for Transfusion Medicine. He is a CPA, and he holds a BS in accounting from Western Illinois University and an MBA from Northwestern University's Kellogg Graduate School of Management.
Bryan Harkins is head of U.S. Equities and Global FX at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition. Based in New York, Harkins oversees sales, product development, listings and competitive strategy for the company’s U.S. equities exchanges, its suite of market data and access services products, as well as the firm’s global foreign exchange business.
At Bats, the businesses under Harkins grew rapidly with 137 U.S. ETF listings from 24 issuers at year-end 2016, up from just 19 – from two issuers – when he joined the firm nearly three years earlier. Also, U.S. options market share more than tripled under his leadership, increasing to over 11 percent in December 2016, and the company added more than 3 million U.S. equities market data users.
Harkins joined Bats in January 2014 when Direct Edge Holdings was acquired by Bats, creating the largest U.S. equities stock exchange operator (excluding auctions). As chief operating officer at Direct Edge, his leadership was instrumental in the firm’s growth into one of the largest players in the U.S. equities market. As part of his responsibilities, he was in charge of operations, product development, sales and the day-to-day activities of the EDGX and EDGA stock exchanges.
During his nearly 20 years in the electronic trading space, Harkins has also held numerous technical, operational, product and senior sales positions at Instinet, Brut and Nasdaq. He has also received numerous accolades including selection to the 2014 Crain's New York “Business 40 under Forty,” the 2013 NJBiz magazine “Forty Under 40,” the 2013 Silver Best in Biz award for Best Executive and the 2013 Business Intelligence Group award for Executive of the Year.
Harkins is also active in the community. He operates and hosts the annual Wall Street Rides FAR cycling event that supports autism research and sits on the Board of Directors of Project Hospitality, which provides food, shelter and services for the needy in Staten Island, NY. He holds a BA from the University of Notre Dame and an MBA from New York University's Stern School of Business.
Harkins is Series 7, 24, 55, and 63 licensed.
Andrew Lowenthal is head of global derivatives for CBOE.
In this role, Lowenthal runs all business development for CBOE’s four options exchanges. He leads the Global Client Services group, which serves CBOE’s growing international client base and is focused on account management across all channels. He also directs CBOE’s Business Analysis and Institutional and International Business Development groups.
In addition, Lowenthal oversees the business development functions of the CBOE Futures Exchange (CFE), home of futures on the CBOE Volatility Index (VIX), and an array of related products. He also oversees business development for Livevol, a leading provider of equity and index options technology and market data services that CBOE Holdings acquired in 2015.
He began his career with CBOE in 1983, serving in Trading Operation, Regulatory Services, Strategic Planning and Business Development Division roles.
Lowenthal attended the University of Michigan and holds a BS in business and an MBA in operations planning from DePaul University. He also attended the Securities Industry Institute at The Wharton School at the University of Pennsylvania.
Mark Hemsley is president, Europe, at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition. Based in London, he leads a team of approximately 70 people, operating the largest pan-European stock market and trade reporting facility.
A founding employee of Bats Europe in 2008, Hemsley is a well-respected industry expert and leader whose team has played a major role in transforming Europe’s equity markets over the past decade. In 2011, Hemsley led the transformative acquisition and integration of Chi-X Europe, creating the leading stock exchange group in Europe and surpassing legacy markets that had been in operation for hundreds of years.
Under Hemsley’s leadership, Bats became a Recognized Investment Exchange (RIE) in 2013, and in August 2016, Bats Europe announced plans to launch Bats LIS, powered by BIDS Trading, a new block equity trading platform for Europe’s equities market. It has also launched new benchmark real-time indices for numerous major European markets.
Bats Europe and Hemsley have received numerous awards, including the Financial News Trading & Technology Awards Honor for Best Exchange Group. Hemsley has also been named to the "FN 100 Most Influential" list, which recognizes key financial executives impacting European financial markets, every year since 2009 and in 2015 received the “FN Decade of Excellence” award for outstanding contribution to Capital Markets. In addition, he contributes his market structure expertise as a member of the European Securities and Markets Authority (ESMA) Secondary Markets Standing Committee and also the ESMA Stakeholders Group, providing consultation on the impact of market structure changes and ESMA policy development.
Before joining Bats, Hemsley was managing director and chief information officer at LIFFE, running its Market Solutions group. At LIFFE, from 2001 to 2004, he won major contracts with top exchanges and transformed the technology organization to capture greater revenue from its exchange businesses. A LIFFE board member, he was also heavily involved in the sale of the company to Euronext.
He also served as chief operating officer and chief information officer during his tenure at Deutsche Bank GCI, the investment bank where he managed teams of professionals in Frankfurt, London, New York, Singapore, Sydney and Tokyo while working closely with the firm's trading operations.
His previous positions include vice president at Credit Suisse First Boston, where he was global head of foreign exchange technology, and a stint as CIO at Natwest Capital Markets.
Joanne Moffic-Silver is Executive Vice President, General Counsel and Corporate Secretary of CBOE. In this role, Moffic-Silver is responsible for overseeing CBOE’s Legal Division, including litigation, rule filings, industry-related advocacy through comment letters, responses and white papers, contracts, public company requirements, transactional work, intellectual property, board elections and legal work for CBOE subsidiaries. She also manages outside law firms’ work for CBOE, and advises CBOE’s Chairman and Chief Executive Officer, President and Chief Operating Officer, and Board of Directors on matters including governance and jurisdictional issues related to new products. She has served in this capacity since 1997 and has been employed by CBOE since 1980.
Prior to joining CBOE, she was counsel for Chicago Mercantile Exchange (CME) and an attorney with a private law firm, with a concentration in employment law and commodity futures law.
Moffic-Silver is currently a member of the executive committee of the board of advisors of Northwestern University Pritzker School of Law (Northwestern Law). Additionally, she has been a panelist at various professional and industry forums, including SIFMA Compliance & Legal Division’s Annual Seminar-Derivatives, the SEC’s Historical Annual Meeting, Brooklyn Law School’s Conference on the Future of Financial Regulation, the annual American & Chicago Bar Association industry meetings, Women in Listed Derivatives (keynote speaker), and YWCA Metropolitan Chicago & DyMynd, Money Smart Week. Moffic-Silver has also been a faculty member at the National Institute for Trial Advocacy’s Midwest Deposition Program, held at Northwestern Law, and a guest lecturer at Northwestern Law, Practical Issues in Business Law.
Moffic-Silver received the Anti-Defamation League’s Women of Achievement Award in 2015, First Chair’s top general counsel award in 2013 through 2016, and in 2016, under her leadership, CBOE received The National Law Journal’s “Legal Department of the Year” in Corporate Compliance.
Moffic-Silver is an elected member of The Chicago Network, Women in Listed Derivatives, and the ADL’s Midwest regional board. She also serves on the board of MISSD, a not-for-profit organization that serves to educate others about the side effects of medication, and she volunteers at the Council for the Elderly.
One of Joanne’s passions is mentoring others. Throughout her career, she has hosted numerous college and law students at CBOE. Most recently, Joanne participated as an executive mentor to undergraduate women at the 2016 Women in Business conference sponsored by Business Today.
Moffic-Silver received a B.A. degree with high honors and was elected a member of Phi Beta Kappa from the University of Wisconsin-Madison and a J.D. degree with honors from the Northwestern University Pritzker School of Law.
Chris Isaacson is chief information officer at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition. Based in Kansas City, Isaacson is responsible for ensuring CBOE is an innovative, world-class leader in technology, overseeing all technology and electronic trading operations, including technology strategy, software engineering and quality, IT infrastructure and the trade desk.
A founding Bats employee in 2005, Isaacson played a major role in developing the firm into an innovative, world-class technology and markets powerhouse, leading expansion into multiple asset classes and geographies. In 2015 alone, Bats moved or launched eight of its 10 markets while simultaneously introducing new trading, listing and product innovations in the U.S. and Europe. This was followed by the successful Bats initial public offering on the Bats BZX Exchange in April 2016.
Isaacson began his career as a software engineer at publicly traded Cerner Corp., a healthcare information systems supplier. He was later instrumental in the architecture and implementation of the original Bats trading platform while starting and overseeing operations, including the trade desk, working closely with customers trading on Bats. Previously, he was a software developer at Tradebot Systems, a broker-dealer, from 2003 to 2005.
A frequent speaker on panels at key industry events, he has consistently been ranked as one of the top technology professionals in financial services by Institutional Investor, which placed him at number 3 in its “Tech 40” in 2016.
Isaacson holds a bachelor's degree in information systems with a minor in math from Nebraska Wesleyan University, Lincoln, Neb., and was a two-time Academic All-American as a decathlete. He holds an MBA from the University of Nebraska, Lincoln, where he currently serves on the Advisory Board at the Raikes School of Computer Science and Management. Isaacson also is on the board of the Kansas City Tech Council and is involved in leadership at his church.
Isaacson holds Series 4, 7, 24, 27, 55, 63 and 65 licenses.
In this role, Albright is responsible for establishing, implementing and maintaining policies and procedures that apply to the affiliated exchanges’ self-regulatory organization
obligations and ensuring that exchange operations comply with both the exchanges’ rules and policies and with SEC and CFTC regulations and laws. Her other responsibilities include educating exchange employees about compliance-related issues.
Prior to joining CBOE in 2012, Albright served as an attorney for Kirkland & Ellis LLP in Chicago since 2007, where she focused on compliance, litigation and corporate finance matters. From 2001 to 2006, she served in senior legal positions with the Securities and
Exchange Commission (SEC) in Washington, D.C., including senior counsel for
the Division of Enforcement, Office of Market Surveillance, from 2005 to 2006; special
counsel for the Division of Trading & Markets, Office of Trading Practices,
from 2003 to 2005; and attorney advisor for the Division of Trading &
Markets, Office of Municipal Securities, from 2001 to 2003.
Albright holds a BA in philosophy from Tulane University, a JD from
University of Denver College of Law and an LLM, with honors, in Financial
Services Law, from Chicago-Kent College of Law.
Pamela Culpepper is chief human resources officer at Chicago Board Options Exchange (CBOE) – the largest U.S. options exchange and creator of listed options. At CBOE, Culpepper leads the human resources organization and oversees the HR strategy, executive compensation, human capital management and engagement.
A veteran HR executive, Culpepper joined CBOE from Golin, where she was most recently the company’s chief people officer. For more than 13 years prior, Culpepper held various leadership roles with PepsiCo, Inc., including chief global diversity and inclusion officer, vice president, human resources for Quaker Foods and Snacks; vice president, human resources for PepsiCo’s Beverages Supply Chain; and vice president, talent management and diversity for Quaker, Tropicana and Gatorade. Before PepsiCo, Culpepper held progressive roles with McKessonHBOC, Inc., Clorox and Wells Fargo.
Culpepper is a member and conference presenter with the National Black MBA Association and a former board trustee of VSO International, based in the United Kingdom. She has a BA in psychology from the University of Arkansas at Little Rock and a master's of public administration in organizational change, from California State University, Eastbay. Culpepper is based in Chicago.
Carol Kennedy is chief communications officer at CBOE Holdings, where she develops and directs global strategic communications. In that capacity, she oversees corporate messaging across key internal and external stakeholders, including broadcast and print media, stockholders, employees and market participants.
Kennedy began her career in corporate communications at CBOE in 1993 as manager of editorial services and subsequently served as CBOE’s media director, then managing director of corporate communications, before being named vice president and chief communications officer.
Kennedy represents CBOE at the World Federation of Exchanges (WFE), the global trade association for the world’s major stock, futures and options exchanges. She chaired WFE’s Communications Task Force from 2010 until 2014 and now represents CBOE on WFE’s Working Committee and the WFE Policy Committee.
She is a recipient of the “Silver Quill Award for Excellence” from the International Association of Business Communicators (IABC) and received her BA in creative writing from Northwestern University.
Stephanie Klein is the chief marketing officer (CMO) for CBOE since January 2015. As CMO, Klein leads a Marketing and Education team whose purpose is to help drive an engaging customer experience with CBOE’s broadening array of products and expertise that empower traders and investors to achieve their desired outcomes.
Her team utilizes the full spectrum of traditional and innovative marketing channels, including print, digital, mobile and social media across multiple platforms, leveraging timely, relevant educational content delivered through the world-renowned Options Institute, which expanded globally in 2015.
Prior to joining CBOE in January of 2015, Klein had a proven track record of being an agile, transformative marketer with over 25 years of global marketing experience across multiple industries. From 2005 to 2014, Klein held marketing leadership positions at Northern Trust in wealth management, asset servicing and asset management, with her last position being chief marketing officer, asset management. She also served on the Executive team of Women in Leadership.
Before Northern Trust, Klein ran her own brand strategy consulting firm, Klein Consulting, from 2000 to 2005. From 1995 to 2000, she built a winning record of growing global leadership brands at Leo Burnett advertising for Hallmark, Kraft and United Airlines, building on her strong foundation in brand management and new product development from 1990 to 1995 at Alberto-Culver and Coca-Cola.
Klein currently serves on CBOE’s charity board and is an active member of the University of Chicago Booth Alumni Association and Steppenwolf Theatre’s Director’s Circle and volunteers at Feed My Starving Children.
Klein holds an MBA in marketing from the University of Chicago Booth School of Business and a BA in psychology from Duke University.
Greg D. Hoogasian is chief regulatory officer in the Regulatory Division of the Chicago Board Options Exchange (CBOE). He also serves as the chief regulatory officer for the C2 Options Exchange and the CBOE Futures Exchange, LLC. Hoogasian took over as the Chief Regulatory Officer in January 2015 and was previously the Deputy Chief Regulatory Officer, beginning in July 2012. He first joined CBOE in 2004 as an attorney in its Legal Division. In that role, Hoogasian also represented CBOE in enforcement-related matters.
Preceding his return to CBOE, Hoogasian was a senior vice president and chief regulatory officer of the Chicago Stock Exchange (CHX). Prior to becoming CRO, he was a vice president at CHX and its chief enforcement counsel. Hoogasian also previously worked in the Illinois Attorney General’s Office as an assistant attorney general in its Criminal Division, with a concentration in prosecuting financial and white collar crimes. Hoogasian began his career working for Morgan Stanley (Dean Witter) on the trading floor at the Chicago Mercantile Exchange.
Hoogasian received his JD from the John Marshall Law School and his BS from the University of Wisconsin-Stevens Point.
March 1, 2017
Dear Valued Customer,
We are pleased to inform you that CBOE Holdings, Inc.'s (CBOE) acquisition of Bats Global Markets, Inc. (Bats) officially closed yesterday and we are now one, combined company (see press release). We believe this combination of two leading market innovators will enable us to cement CBOE’s position as your go-to partner for cutting-edge trading and investment resources.
By coming together as one, we offer you a broader array of products, including equity, ETP and index options, U.S. and European equities, futures, multi-asset volatility products, and ETF and global FX trading, which are planned to ultimately trade on Bats’ proven, state-of-the-art platform, as well as an expanded range of educational, market data and trading tools and resources.
While there are no changes operationally to our markets on Day One -- today, it is business as usual -- a thoughtful integration is underway. Key to that process is how we can best integrate and align the collective products and resources of CBOE and Bats to better serve you. We are committed to keeping you updated on our progress and to seeking your feedback along the way.
Today, and in the days to follow, members from the respective CBOE and Bats teams will be reaching out to you to reinforce our commitment to delivering superior service and answer your questions. On March 29, we plan to hold the first in a series of conference calls for all of our customers. At that time, we plan to share an integration timeline, highlight other critical operational details and answer your questions. We will follow up with call-in details for those conference calls soon.
In the meantime, you may also refer to our new integration website, CBOE.com/Batsintegration, which is home to a host of resources, including an FAQ for our options, U.S. and European equities, futures, ETF and FX customers. We plan to update this website on an ongoing basis, so check the site regularly. At the end of March, we plan to publish an additional FAQ devoted exclusively to the technology and systems integration.
We could not be more excited about the exponential opportunities for our combined company and what it means to our markets and customers around the globe. Your relationship is deeply valued and appreciated. You have our commitment that we will continue to work hard every day to exceed your expectations and keep earning your business.
Chairman and Chief Executive Officer
President and Chief Operating Officer