CHICAGO, Sept. 9, 2021 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced that its Chairman, President and CEO Ed Tilly has been appointed Chairman of the World of Federation of Exchanges (WFE), the global industry group for exchanges and clearinghouses (CCPs) around the world. Mr. Tilly was previously Vice Chairman of the WFE from 2018 to 2021 and began serving a two-year term as Chairman of the WFE on September 9.
As Chairman of the WFE, Mr. Tilly will work with WFE CEO Nandini Sukumar and its board and members to advance the organization's mission to foster well-functioning capital markets, reinforce systemic stability, support developing markets and educate on the role exchanges and clearinghouses play in the global economy. Additionally, together with its members, the WFE creates and agrees on best practices and standards for the industry. Mr. Tilly was elected Chairman by the WFE membership during its 60th Annual Meeting, hosted by the Shenzhen Stock Exchange, which was held virtually today.
"I am deeply honored to have the privilege to serve as the new Chairman of the WFE," said Ed Tilly, Chairman, President and CEO of Cboe Global Markets. "Cboe has been a longstanding member of the WFE and shares a common vision for promoting markets that serve all investors. I look forward to working even more closely with Nandini and the WFE board and its members as a collective force to ensure the integrity of global markets, advocate for smart and efficient regulation, support measures that facilitate global capital flow, drive the transition towards an inclusive and sustainable economy, and speak as one clear and powerful voice for our industry."
Nandini Sukumar, CEO of the WFE, said: "We are pleased to welcome Ed as Chairman of the WFE. Ed brings many years of industry experience and a passion and commitment to our mission, and we look forward to furthering our progress under his chairmanship. We would like to also express immense gratitude to Dr. Urs Rüegsegger, the outgoing chairman, who has been a great champion of our industry and of the WFE. He has been instrumental in making us the voice of the industry. Exchanges and CCPs will continue to play a vital role in fostering a sustainable financial system and in ensuring the integrity and stability of our markets. As market infrastructure continues to evolve globally, the WFE remains committed to its mission of maintaining resilient, open and interconnected markets across the world."
Dr. Urs Rüegsegger, Chairman of SIX Swiss Exchange and outgoing Chairman of the WFE, said: "I have enjoyed working with Ed during our tenures at the WFE and wish him the best of luck as he takes the helm as Chairman. I have no doubt that he and Nandini will continue to successfully guide the WFE board in its work to further promote the development of well-regulated and transparent markets, serve its members, and position the WFE as the world's most important advocacy group for exchanges and CCPs globally."
The WFE represents more than 250 market-infrastructures ranging from those that operate the largest financial centers to those that run frontier markets. Of its members, 37 percent are spread across the Asia-Pacific region, 43 percent in Europe, Middle East and Africa, and 20 percent are the Americas. Members include over 50 distinct CCP clearing services, among them stand-alone CCPs. WFE exchanges are home to 47,919 listed companies, and the market capitalization of these entities is over $109 trillion.
Mr. Tilly will draw on his 30 years of experience as an integral member of the Cboe community to serve the WFE. Prior to being named CEO in 2013, Mr. Tilly was Cboe President and Chief Operating Officer, served as Cboe Executive Vice Chairman and as Cboe's Member Vice Chairman – the highest member-elected position at the Exchange. He started as a trading floor clerk in 1987, eventually trading as both a market-maker and a designated primary market-maker (DPM) until joining Cboe's executive management team in 2006.
As Chairman, President and CEO of Cboe, Mr. Tilly has guided the company in expanding its role as a market leader in providing cutting-edge trading and investment solutions to investors worldwide. As a result of his leadership, Cboe offers trading across a diverse range of products in multiple asset classes and geographies. Most recently, the company expanded its global footprint with the acquisitions of MATCHNow in Canada and Chi-X Asia Pacific, as well as with the launch of its Cboe Europe Derivatives exchange. In November, the company plans to expand global trading hours for its S&P 500 Index (SPX) and Cboe Volatility Index® (VIX®) options to nearly 24 hours a day, five days per week, subject to regulatory review.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific. To learn more, visit www.cboe.com.
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Some factors that could cause actual results to differ include: the impact of the novel coronavirus ("COVID-19") pandemic, including changes to trading behavior broadly in the market; the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes; our ability to protect our systems and communication networks from security risks, cybersecurity risks, insider threats and unauthorized disclosure of confidential information; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; fluctuations to currency exchange rates; our index providers' ability to maintain the quality and integrity of their indices and to perform under our agreements; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to attract and retain skilled management and other personnel; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; our ability to manage our growth and strategic acquisitions or alliances effectively; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; and the accuracy of our estimates and expectations. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2020 and other filings made from time to time with the SEC.
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