NEW YORK (HedgeWorld.com)–The International Securities Exchange announced that it changed its internal corporate reporting structure to give increased support in the execution of its strategic plans.
On Jan. 1, the exchange’s Chief Operating Officer Gary Katz became responsible for the finance and administration functions at ISE. Bruce Cooperman, ISE’s senior vice president of finance and administration, now reports to Mr. Katz. Mr. Cooperman previously reported to David Krell, ISE’s chief executive officer and president.
According to an ISE announcement, Mr. Krell will now devote more time in 2003 to ISE’s plans for future growth. Mr. Katz, who is now in charge of all of ISE’s operational departments, including technology, market operations, marketing and finance, said in a statement that the internal corporate restructuring would enhance ISE’s focus on executing its operational and strategic objectives. He didn’t specify what makes up those exact objectives.
The ISE is an electronic U.S. options exchange. Upon its opening on May 26, 2000, it became the third largest of the five domestic options exchanges, and it’s the only fully electronic exchange. The ISE lists 519 options classes, whose aggregate volume represents more than 90% of the industry’s total equity options volume.