Kenneth R. Leibler | |
---|---|
Born | 1949 (age 74–75) |
Nationality | American |
Alma mater | Syracuse University |
Spouse | Marcia Leibler [1] |
Children | 2 |
Kenneth R. Leibler (born 1949) [2] is an American business executive who was a founding partner of the Boston Options Exchange. [3] He was previously chairman and chief executive officer of the Boston Stock Exchange, President and chief executive officer of Liberty Financial Companies [4] and President of the American Stock Exchange. [5] At 36 years old, he was the youngest president in American Stock Exchange history [6] and believed to be the youngest president of any major stock exchange. [7]
Prior to joining the American Stock Exchange in 1975, he founded the retail options division at Lehman Brothers and served as a director of their retail options business. [5] [3] He serves as chairman of the Board of Trustees of Putnam Mutual Funds [8] and on the board of Eversource Energy. [9] He also served as Vice Chairman of the Beth Israel Deaconess Hospital in Boston and as Director of ISO New England, Ruder Finn, and the Investment Company Institute in Washington, DC. [10]
Leibler graduated Phi Beta Kappa in economics in 1971 from Syracuse University. [11] [12] He wrote his senior thesis on options trading. [13]
The Chicago Board Options Exchange (CBOE) began trading options in 1973. [14] That same year, Leibler joined Lehman Brothers where he managed the firm's retail options business. [5]
After two years at Lehman Brothers, Leibler joined the American Stock Exchange (AMEX) in 1975 as one of the first employees in their options division. [3] Through subsequent promotions, he became Chief Financial Officer, Executive Vice President for Administration and Finance, and in 1986, President. [5]
Leibler served as President of the AMEX during the stock market crash of 1987 known as Black Monday. [15] [16] [12] Following this crash, changes to market functioning were implemented under Leibler's leadership, including circuit breakers. [17] [18]
In 1989, Leibler wrote an article in The New York Times about a proposed financial instrument called an Equity Index Participation that the AMEX planned to introduce. [19] This was a tradeable instrument that would allow investors to buy and sell an interest in the entire S&P 500 much like an ETF. It was approved by the SEC, but the ruling was later overturned by the United States Court of Appeals for the Seventh Circuit in Illinois. [19]
Liberty Financial Companies was a diversified asset management organization. Leibler joined as president and COO in 1990, and became CEO and led a public offering of the company in 1995. [4] During his tenure, the company acquired Colonial Group, [20] Newport Pacific Management, [21] Progress Investment Management Co., [22] and Crabbe Huson Group. [23] He stepped down as CEO in 2000. [4]
Leibler served as chairman and CEO of the Boston Stock Exchange from 2001 to 2004. [24] In 2004, he helped found the Boston Options Exchange (BOX) and then served as its chairman until 2007. [25] While at the Boston Options Exchange, Leibler and his colleagues Thomas Peterffy and Luc Bertrand patented a price improvement processor for the electronic trading of options. [26] This new pricing mechanism introduced by BOX in 2004 resulted in option orders sent to a three-second auction where bidding took place in one-cent increments. This contrasted with the traditional pricing mechanism of " national best bid and offer" where bids were submitted in five- or ten-cent increments among all the exchanges and trades executed at the best price available. [25]
Price improvement processor for electronic trading of financial instruments, (2011). [26]
Leibler received the Ellis Island Medal of Honor in 1999. [27]
Kenneth R. Leibler | |
---|---|
Born | 1949 (age 74–75) |
Nationality | American |
Alma mater | Syracuse University |
Spouse | Marcia Leibler [1] |
Children | 2 |
Kenneth R. Leibler (born 1949) [2] is an American business executive who was a founding partner of the Boston Options Exchange. [3] He was previously chairman and chief executive officer of the Boston Stock Exchange, President and chief executive officer of Liberty Financial Companies [4] and President of the American Stock Exchange. [5] At 36 years old, he was the youngest president in American Stock Exchange history [6] and believed to be the youngest president of any major stock exchange. [7]
Prior to joining the American Stock Exchange in 1975, he founded the retail options division at Lehman Brothers and served as a director of their retail options business. [5] [3] He serves as chairman of the Board of Trustees of Putnam Mutual Funds [8] and on the board of Eversource Energy. [9] He also served as Vice Chairman of the Beth Israel Deaconess Hospital in Boston and as Director of ISO New England, Ruder Finn, and the Investment Company Institute in Washington, DC. [10]
Leibler graduated Phi Beta Kappa in economics in 1971 from Syracuse University. [11] [12] He wrote his senior thesis on options trading. [13]
The Chicago Board Options Exchange (CBOE) began trading options in 1973. [14] That same year, Leibler joined Lehman Brothers where he managed the firm's retail options business. [5]
After two years at Lehman Brothers, Leibler joined the American Stock Exchange (AMEX) in 1975 as one of the first employees in their options division. [3] Through subsequent promotions, he became Chief Financial Officer, Executive Vice President for Administration and Finance, and in 1986, President. [5]
Leibler served as President of the AMEX during the stock market crash of 1987 known as Black Monday. [15] [16] [12] Following this crash, changes to market functioning were implemented under Leibler's leadership, including circuit breakers. [17] [18]
In 1989, Leibler wrote an article in The New York Times about a proposed financial instrument called an Equity Index Participation that the AMEX planned to introduce. [19] This was a tradeable instrument that would allow investors to buy and sell an interest in the entire S&P 500 much like an ETF. It was approved by the SEC, but the ruling was later overturned by the United States Court of Appeals for the Seventh Circuit in Illinois. [19]
Liberty Financial Companies was a diversified asset management organization. Leibler joined as president and COO in 1990, and became CEO and led a public offering of the company in 1995. [4] During his tenure, the company acquired Colonial Group, [20] Newport Pacific Management, [21] Progress Investment Management Co., [22] and Crabbe Huson Group. [23] He stepped down as CEO in 2000. [4]
Leibler served as chairman and CEO of the Boston Stock Exchange from 2001 to 2004. [24] In 2004, he helped found the Boston Options Exchange (BOX) and then served as its chairman until 2007. [25] While at the Boston Options Exchange, Leibler and his colleagues Thomas Peterffy and Luc Bertrand patented a price improvement processor for the electronic trading of options. [26] This new pricing mechanism introduced by BOX in 2004 resulted in option orders sent to a three-second auction where bidding took place in one-cent increments. This contrasted with the traditional pricing mechanism of " national best bid and offer" where bids were submitted in five- or ten-cent increments among all the exchanges and trades executed at the best price available. [25]
Price improvement processor for electronic trading of financial instruments, (2011). [26]
Leibler received the Ellis Island Medal of Honor in 1999. [27]