The CBOE Stock Exchange, LLC (CBSX) announced today that David Harris, a 17-year veteran of the financial industry, has been named President of the new CBOE Stock Exchange (CBSX). CBSX is scheduled to launch on March 5, 2007, in conjunction with the rescheduling of the Securities and Exchange Commission's Regulation NMS (Reg NMS) Trading Phase Compliance date.
"I am excited to lead this new venture and look forward to working with CBOE and the leading trading firms we have partnered with to launch the CBOE Stock Exchange," said David Harris, new CBSX President."As the changes from Regulation NMS take effect in the securities industry, we believe that CBSX's unique, yet proven, market model will provide an attractive, alternative trading destination for industry participants. Not only will CBSX feature a fully electronic market with a strict price-time priority matching algorithm and high liquidity rebates, but we intend to enhance liquidity with dedicated liquidity providers and leverage the CBOE's options and futures businesses."
Prior to joining the CBOE Stock Exchange, Harris served as Senior Vice President of Business Planning and Strategy for the American Stock Exchange, where he was responsible for developing, planning, and implementing critical aspects of the exchange's strategic direction. Before AMEX, Mr. Harris served as Executive Vice President and General Counsel of Nasdaq Liffe Markets LLC (NQLX), formerly a joint venture between The Nasdaq Stock Market Inc. and the London Financial Futures and Options Exchange. Mr. Harris was a founder of NQLX and played a vital role in planning, directing, and executing the exchange's successful launch and subsequent operation. Mr. Harris has also served as Counsel to the Chairman and Chief Executive Officer of the NASD and Nasdaq. Earlier in his career, Mr. Harris served as a Senior Associate at Kirkpatrick & Lockhart and as Senior Counsel in the Division of Enforcement at the Securities and Exchange Commission (SEC).
The newly formed CBSX 2007 Board of Directors met for the first time today. The nine-person Board consists of:
Chip Burke, Chief Operating Officer, LaBranche & Co
Bradley Griffith, Vice Chairman, Chicago Board Options Exchange
Aaron S. Hantman, President, SIG Specialists
David Harris, President, CBOE Stock Exchange
Gerald T. O'Connell, Executive Vice President, Chicago Board Options Exchange
Edward L. Provost, Executive Vice President, Chicago Board Options Exchange
Jeffrey L. Shaw, Vice President, Timber Hill
Edward T. Tilly, Executive Vice Chairman, Chicago Board Options Exchange
William P. White, Managing Director, VDM Specialists
CBSX is a newly created stock trading facility of the Chicago Board Options Exchange, Incorporated. CBSX is a fully electronic, strict price-time priority market, which will include at least six Designated Primary Market Makers (DPMs) and multiple, competing Remote Market Makers (RMMs), thus assuring tight and deep, two-sided liquidity in all stocks. CBSX will be a Regulation NMS compliant trading center, and will employ the CBOEdirect trade engine, which currently is used by CBOE and the CBOE Futures Exchange (CFE). CBSX initially plans to offer trading in 2,800 of the most actively traded New York Stock Exchange, Nasdaq Stock Market, and American Stock Exchange listed securities, as well as Exchange Traded Funds (ETFs) and other listed securities.
For more information on the new CBOE Stock Exchange, visit www.cbsx.com.
