Exchange Management
Board of Directors
David M. Battan
Vice President & General Counsel
Interactive Brokers LLC
Dr. Andrew Clearfield
President
Investment Initiatives, LLC
Richard DuFour
Executive Vice President
Chicago Board Options Exchange
Thomas Peterffy
Chairman
Interactive Brokers LLC
William F. Pridmore
President
William F. Pridmore LTD
Ann Shuman
Managing Director & Deputy General Counsel
CME Group Inc.
Scot Warren
Managing Director Equity Products
CME Group Inc.
Eric Wolff
Derivatives Market Regulatory Consultant
Exchange Management
David G. Downey
Chief Executive Officer
ddowney@OneChicago.com
Thomas G. McCabe
Chief Operating Officer
tmccabe@OneChicago.com
Donald L. Horwitz
Managing Director and General Counsel
dhorwitz@OneChicago.com
Mark A. Esposito
Managing Director of Business Development
spo@OneChicago.com
Kirk P. Smith
Director of Market Regulation
ksmith@OneChicago.com
Robert E. Warner
Operations Coordinator
rwarner@OneChicago.com
OneChicago Management
David G. Downey
Chief Executive Officer
David G. Downey serves as Chief Executive Officer of OneChicago with a career that parallels the growth in the electronic trading of security and commodity products.
Mr. Downey began his career in the securities and futures industry in 1983 on the American Stock Exchange in New York. In 1985 he joined Timber Hill Inc.,(THI) a firm specializing in the business of market-making on the floors of various stock, future and derivative exchanges around the world. After moving to Chicago in 1985 he began trading as a member of the CBOE and over the years held memberships at the CBOT and the CME. In 1991 he assumed the title of Vice President of US floor trading Operations for Timber Hill and was instrumental in the spread of electronic tools for traders on the various exchange floors.
In 1995, Mr. Downey turned his attention to the development of Interactive Brokers (IB) where he served as Executive Vice President of Operations. IB provides direct access (“on line”) trade execution and clearing services to institutional and professional traders for a wide variety of electronically traded products including options, futures, stocks, forex and bonds worldwide.
Mr. Downey is a 1982 graduate of Boston College where he earned Bachelor of Arts Degrees in Economics and Political Science.
Thomas G. McCabe
Chief Operating Officer
Mr. McCabe joined OneChicago in February 2008 as Chief Operating Officer.
He began his financial services career in 1985 with the regulatory division of the Chicago Board of Trade, now CME Group where he oversaw the Trade Practice Investigation Department. Mr. McCabe moved to the operations side of the CBOT in 1998 where he oversaw the implementation of trading floor order routing systems.
In 2003, he worked extensively with the clearing firm community to move the CBOT’s clearing business to the CME Clearing House. This initiative, called the Common Clearing Link, resulted in firms saving approximately $1.8 billion in overnight margin due to inter-product spread credits. Mr. McCabe took on increasingly more responsibility in 2005 as Vice President, Trading Operations where he oversaw the CBOT’s global operations with focus on creating a positive customer experience and increasing straight through processing of electronic and floor executed trades. During this time period, he was also responsible for the business aspects of the Exchange’s trading technologies and the quality assurance function.
Mr. McCabe is a 1984 graduate of Creighton University and lives in Chicago with his wife and two young children.
Donald L. Horwitz
Managing Director and General Counsel
Mr. Horwitz began his career in the financial services industry in 1974 with the United States Securities and Exchange Commission in the New York Regional office later joining the legal department of Merrill Lynch, Pierce, Fenner & Smith, Inc. He ultimately became General Counsel of Merrill Lynch Futures, Inc., the firm’s futures subsidiary. Later he practiced law as Senior Counsel with Kay Scholer, LLP in New York City.
In 1988 Mr. Horwitz became General Counsel at The Options Clearing Corporation in Chicago and in 1997 became General Counsel at Sakura Dellsher, Inc. a futures commission merchant and continued through its business transfer and dissolution in 2000. Thereafter he became Head of Compliance for BrokerTec Futures Exchange and then of Eurex US, as a result of the merger of BrokerTec into Eurex US. Most recently, he was Director/General Counsel for Global Futures at ABN AMRO Incorporated, and joined UBS AG as Executive Director and Senior Counsel for Exchange Traded Derivatives in their Chicago office as a result of UBS’s purchase of ABN AMRO’s global futures business in October 2006.
Mr. Horwitz has been actively involved in policy making for the industry through appointments as President of the FIA Law and Compliance Division, Chairman of the Chicago Bar Association Derivatives Regulation Committee, Editor of the Futures and Derivatives Law Reporter, Chairman of the NFA FCM Advisory Committee, member of the Derivatives Regulation Committee of the Association of Bar of the City of New York, and other industry and professional organizations. He has written extensively about issues affecting futures and securities regulation; frequently chairs and presents at industry and professional panels; and has served as an expert witness and arbitrator in several matters.
He is a member of the Illinois, Michigan and New York state bars and a graduate of the University of Michigan and of Wayne State University Law School. He and his wife Suzanne live in the Chicago area and have two grown daughters.
Mark A. Esposito
Managing Director of Business Development
In January 2007 Mr. Esposito became Managing Director of Business Development and is presently at the forefront of sales and education. He joined OneChicago as a consultant in April 2004 to assist in the expanding growth of single stock futures through business and product development.
Mr. Esposito, a 25-year trading veteran on the floor of the Chicago Board Options Exchange (CBOE) enjoyed the experience as both a sole-prop trader and a DPM specialist. Additionally, Mr. Esposito was very active in the committee structure at CBOE serving as Vice-Chairman on both the Systems and Equity Floor Procedures Committees. He also assisted in the implementation of CBOE’s new hybrid trading system.
Kirk P. Smith
Director of Market Regulation
Mr. Smith has nearly 24 years of experience in the futures industry, starting in 1983 with Lind-Waldock & Co. where he was named Director of Trading Operations in 1987, assuming direct responsibility for the firm’s trading center. During his tenure at Lind-Waldock, Mr. Smith also led the company’s Customer Service Oversight Committee and was instrumental in launching the firm’s electronic trading business.
In 1999, Mr. Smith founded a successful independent consulting business serving the financial industry, which he ran until joining OneChicago in November 2002.
Robert E. Warner
Operations Coordinator
Mr. Warner joined OneChicago in July 2002 from Investec Ernst and Co., a securities brokerage firm, where he served as manager of information technology. Prior to that, Mr. Warner spent 21 years at the Chicago Board Options Exchange culminating as lead end using computer analyst.
Mr. Warner earned a Microsoft Certified Profession certfication in 1998.