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Practice Management > Building Your Business

CBOT's New Chair Commits to LIFFE CONNECT, Restruc

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CHICAGO (–The Chicago Board of Trade elected a new chairman for its board of directors–elevating Charles P. Carey from his position as vice chairman.

Mr. Carey, partner in the Henning & Carey division of First Futures (Refco), took office immediately upon election March 12 as did the other elected board members. Past chairman Nickolas J. Neubauer was elected to a three-year term as full member director, as was Frank S. Serrino, president of Serrino Trading Company, Inc. and Michael D. Walter, senior vice president of trading and procurement management for ConAgra Inc.

“I am happy to have the opportunity to serve as chairman of this great institution, as I believe the best years of the Chicago Board of Trade are yet to come. I want to thank my predecessors David Brennan and Nick Neubauer for their efforts in positioning this exchange for greatness,” Mr. Carey said in a statement. “I am ready to work with our board of directors, Bernie Dan [CBOT president] and our management team to ensure a smooth transition to the LIFFE CONNECT trading platform for our customers and members, and I am committed to bringing our restructuring proposal to a membership vote within a short-time frame.”

The board voted to enter into a licensing agreement with the LIFFE CONNECT platform two months ago. The new platform is slated to replace the a/c/e platform at the end of this year.

Two people were elected as full member directors with one-year terms: Mark E. Cermak, president, futures division, O’Connor & Co. LLC and Robert F. Corvino, an independent local trader.

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