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CBOE Membership Elects Eleven Directors And Nine Committee Members

Date 20/11/2001

The Chicago Board Options Exchange® (CBOE®) announced that in its annual election that concluded yesterday, the membership elected five directors to serve three-year terms, two directors to serve two-year terms, one director to serve a one-year term and three public directors to the Exchange's board of directors. The newly elected board of directors' terms will be effective when the board holds its first meeting in January 2002. The CBOE board consists of 22 directors plus the Chairman and CEO of the Exchange, William J. Brodsky.

Incumbent candidate Alvin G. Wilkinson, a CBOE and CBOT member and John E. Smollen, a director at Spear Leeds & Kellogg were elected as floor directors. Daniel P. Koutris, a managing member of KFT DPM, LLC was re-elected to serve as at-large director. They will serve three-year terms.

Five candidates were elected to the board as off-floor directors. Richard F. Lynch, senior vice-president and director of equity and international trading at Prudential Securities Incorporated, and Thomas A Petrone, managing director of global equity derivatives and co-manager of equity structured products for Salomon Smith Barney, were newly elected to serve three and two year terms, respectively.

Re-elected to the board as off-floor directors are: James P. MacGilvray, executive vice-president and director of the transaction services division for UBS PaineWebber Incorporated (three-year term); David J. Lund, managing director, head of global credit products group for Merrill Lynch (two-year term); and Anthony D. McCormick, vice-president of derivatives markets at Charles Schwab & Co., Inc. (one-year term).

Robert A. Rosholt, executive vice-president of Aon Corporation, was elected to serve a three-year term as a public director. Re-elected to serve three-year terms as public directors are Roderick A. Palmore, senior vice-president, general counsel and secretary of Sara Lee Corporation, and R. Eden Martin, partner at the law firm of Sidley Austin Brown & Wood.

CBOE members also elected six candidates to the Nominating Committee and three members to the Modified Trading System (MTS) Appointments Committee.

Elected to the Nominating Committee for three year terms are: Paul J. Jiganti, associate director of Susquehanna Investment Group; Jonathan G. Flatow, an independent market-maker at CBOE; James J. Boyle, vice-president of options trading for Charles Schwab & Co., Inc.; John R. Power, director of Marketing and Corporate Communications of Botta Capital Management, LLC.; and John A. Wing, the Frank Wakely Gunsaulus professor of law and finance at the Illinois Institute of Technology and chairman of IIT's Center for the Study of Law and Financial Markets, was elected as a Public Member. Bruce I. Andrews, vice-president of Commercial Crush, Inc. a CBOE market-making firm, was elected to a one-year term to the Nominating Committee.

Three candidates were elected to the MTS Appointments Committee which is responsible for the selection, oversight and removal of CBOE Designated Primary Market Makers (DPMs). CBOE members Michael B. Frazin and Kevin J. Keller were elected to serve three-year terms and Gerald T. McNulty, director of Merrill Lynch, was re-elected to serve a three-year term as the member firm representative on the MTS Appointments Committee.

CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, access the CBOE site on the World Wide Web at