William J. Brodsky is Executive Chairman of the Board of CBOE Holdings, Inc. and the Chicago Board Options Exchange (CBOE). Brodsky assumed this role in May 2013, after serving as CBOE Chairman and Chief Executive Officer (CEO) from 1997 to 2013.
In his sixteen-plus years as Chairman and CEO, Brodsky oversaw a period of tremendous growth for the company as well as significant technological and product innovation, including development of the exchange’s popular CBOE Volatility Index (VIX) options and futures. He successfully guided CBOE through its demutualization, whereby the exchange converted its business model from a membership organization to a for-profit corporation, which culminated in the company’s initial public offering (IPO) in June 2010. In the three-year span from the IPO to the conclusion of his tenure as Chairman and CEO, the company produced record revenues, operating margin and net income, and returned more than $700 million in capital to stockholders.
In October 2008, Brodsky was the first leader of a derivatives exchange to be named as Chairman of the World Federation of Exchanges (WFE) and served in that capacity from 2009 until 2011. He was also the former Chairman of the International Options Markets Association (IOMA) from 2007 through 2008. Brodsky continues to be a leading industry advocate in options market policy and regulation.
Prior to joining CBOE, Brodsky served for 15 years at Chicago Mercantile Exchange (CME), where he oversaw the launch of the CME Globex trading system and played a pivotal role in the development and globalization of stock index futures. He joined CME in 1982 as Executive Vice President and Chief Operating Officer and, in 1985, was named President and Chief Executive Officer, a post he held until joining CBOE in February 1997.
Brodsky began his career as an attorney with the securities brokerage and investment banking firm of Model, Roland and Co. in 1968. In 1974, he joined the American Stock Exchange (AMEX) where he became head of options trading in 1976 and served as Executive Vice President for operations between 1979 and 1982. He also served for seven years as the AMEX representative on the board of The Options Clearing Corporation (OCC).
Numerous organizations throughout the financial community have recognized Brodsky for his contributions to the options and futures industries. Brodsky was selected for induction into the Derivatives Hall of Fame in 2000 and the Junior Achievement Chicago Business Hall of Fame in 2001. He received the William F. Sharpe Indexing “Lifetime Achievement Award” in 2009 for his career-long support of index products as risk management tools. That same year, Brodsky was the recipient of the Joseph W. Sullivan Options Industry Achievement Award in recognition of his outstanding contributions to the growth and integrity of the U.S. options market. Futures and Options World magazine named him their “Person of the Year” for 2011 and included Brodsky among their “Top 30 Most Influential People in the Last 30 Years” in 2012. He received a “Lifetime Achievement Award” from Markets Media magazine and was inducted into the Futures Industry Association’s Hall of Fame in 2013.
In July 2013, Brodsky was named Chairman of Navy Pier, Inc., a not-for-profit corporation established to maintain the Pier’s historic landmark status and oversee its redevelopment. He serves as a director of Integrys Energy Group, Inc., an S&P 500 company, and is chair of the Board of Directors of Northwestern Memorial Hospital. He is a member of the Federal Reserve Bank of New York's International Advisory Committee, the Council on Foreign Relations in New York City, and the Executive Committee of the Commercial Club of Chicago.
He serves on the Kellogg School of Management Advisory Council and as a trustee of Syracuse University. Brodsky holds an A.B. degree and a J.D. degree from Syracuse University and is a member of the Bar in Illinois and New York.
Edward T. Tilly is the 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 thru 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 boards of the OCC and Working in the Schools and is a member of the Commercial Club of Chicago, the Economic Club of Chicago and the Chicago Club.
He received a degree in Economics from Northwestern University.
Edward L. Provost is the President and Chief Operating Officer (COO) of CBOE Holdings, Inc., Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2). He also serves as the President of the CBOE Futures Exchange (CFE). Provost assumed these roles in May 2013, after heading CBOE’s business development efforts for 12 years, a period during which CBOE trading volume tripled.
Most recently as Executive Vice President and Chief Business Development Officer, Provost oversaw an expanded Business Development group, including Institutional, Retail, International and Internet Marketing, Trading Operations, Business Analysis and Market Data Sales.
He also spent ten years in CBOE’s Regulatory Division and headed the exchange’s Operations Planning Division for fifteen years, rising through the ranks before taking over the business development area.
Provost is currently a board member of IPXI Holdings, LLC, the parent corporation of the Intellectual Property Exchange International, and previously was Chairman of the Board of Directors of the CBOE Stock Exchange (CBSX).
He sits on the Governing Board of the Illinois Council of Economic Education (ICEE) and is active in church and community affairs.
Provost holds a bachelor’s degree from Loyola University of Chicago and an MBA from the University of Chicago Graduate School of Business.