FOR IMMEDIATE RELEASE
ONECHICAGO ANNOUNCES DEPARTURE OF WILLIAM RAINER, NAMES MARTIN DOYLE AS PRESIDENT AND PETER BORISH AS CHAIRMAN
Exchanges Renew Financial Commitment as Joint Venture Strengthens Focus on CBOE Options Traders
CHICAGO, October 7, 2004 OneChicago, LLC, the all-electronic security futures exchange offering futures on more than 100 individual stocks, today announced its Chairman and Chief Executive Officer William J. Rainer will depart for personal reasons at the end of November. Martin Doyle, who currently serves as Managing Director, Business Development, will serve as President. Doyle is a 20-year veteran of the futures industry who came to OneChicago in 2001 after serving as Vice President and General Counsel of Lind-Waldock, a retail discount futures broker.
Peter F. Borish, a recognized innovator in the futures markets for many years and OneChicago’s Senior Managing Director of Business Development, was appointed to the position of non-executive Chairman. In addition, Robert Walsh, OneChicago’s Managing Director for Operations, was promoted to Chief Operating Officer. Walsh was a key member of OneChicago’s team in preparing for the launch of single stock futures and joined the Exchange in 2002 from the Chicago Board Options Exchange (CBOE).
Doyle, Walsh and CBOE market maker Mark Esposito will continue to lead OneChicago’s ongoing initiative to introduce the benefits of security futures to equity options traders. OneChicago has recently launched proprietary functionality to facilitate price comparisons between OneChicago products and cash securities. CBOE, Chicago Mercantile Exchange Inc. and the Chicago Board of Trade also have renewed their financial commitment to the joint venture with the contribution of additional capital to support OneChicago’s efforts.
Doyle said, “Bill Rainer is to be commended for his pioneering role in the launch of single stock futures in the U.S. Our year-to-date volume is 30 percent higher than the same period last year, and we are confident this pattern of growth will continue. We are also pleased with the recent positive response to our product from equity options traders.”
Rainer added, “Now is a good time for me to hand over the reins. Because of the combined strengths of the ownership, the Board of Directors and a highly talented staff, OneChicago has earned its role as the Exchange for single stock futures in the United States. This is a strong management team with a sound business plan and, as an on-going investor and shareholder, I look forward to following the company’s progress.”
CBOE Chairman Bill Brodsky stated, “On behalf of the CBOE, I want to thank Bill Rainer for his invaluable leadership role in launching single stock futures. Bill has put a solid team in place, and we are confident OneChicago will continue to work in close collaboration with their exchange partners in growing the business. We are particularly encouraged by recent efforts to market directly to options traders on the floor of the CBOE. By making a strong pitch right here, in our own ‘backyard,’ OneChicago is able to reach out to those potential users who are the most likely to help grow the product.”
“CME remains committed to the concept of single stock futures,” said Craig Donohue, CME Chief Executive Officer. “Bill Rainer was instrumental in formulating the framework for trading security futures and leading the initial launch of this product line, and we are confident Marty Doyle, Peter Borish and the OneChicago Management Team will continue educating the investor community about single stock futures products and work to attract new users to these markets.”
OneChicago is a joint venture of the Chicago Board Options Exchange Incorporated® (CBOE®), Chicago Mercantile Exchange Inc. (CME) and the Chicago Board of Trade (CBOT®). All products are electronically traded on the CBOEdirect® match engine and accessible through the CBOEdirect and GLOBEX® platforms. All security futures can be traded out of either a securities or a futures account.
The Exchange has a total of 133 products: 118 single stock futures, including futures on the DIAMONDS Trust, and 15 futures on the Dow Jones MicroSector IndexesSM.
For more information about OneChicago and its products, please access the OneChicago Web site at www.OneChicago.com.