NYSE Liffe U.S. , the U.S. futures exchange of NYSE Euronext (NYX), today announced the addition of three new Independent Directors to its Board. The new Directors are: Andrea M. Corcoran, Adjunct Professor of futures regulation at Georgetown Law Center; Ronald Filler, Professor of Law at New York Law School; and Todd Petzel, Chief Investment Officer of Offit Capital Advisors. They will join Chairman James J. McNulty, former President and CEO of the Chicago Mercantile Exchange; Marshall N. Carter,former Chairman and Chief Executive Officer of the State Street Bank and Trust Company, and Deputy Chairman of NYSE Euronext; and Sir Brian Williamson, former Chairman of London International Financial Futures & Options Exchange and Director of NYSE Euronext, as the Independent Board members of NYSE Liffe U.S.
"I am extremely pleased to welcome these three highly distinguished directors to the Board of NYSE Liffe U.S. They are each respected and experienced industry leaders with extensive experience in all aspects of the listed derivatives market, including risk management, regulation and market structure," said James J. McNulty, Chairman, NYSE Liffe U.S. "Their unique combination of skills and insight will be a tremendous asset to our dynamic new exchange as we work to bring effective competition to the U.S. futures market.”
Ms. Corcoran is the founder of Align International LLC, a regulatory consulting firm focusing on financial regulation to public and private sector entities, and is a member of the FIA Law and Compliance executive committee. Prior thereto, she was a Managing Director at Promontory Financial Group. For the majority of her career, Ms. Corcoran held director level positions at the Commodity Futures Trading Commission: Office of International Affairs (1997 to 2006) and Trading and Markets (1982-1997). She also chaired the IOSCO committee on the implementation of objectives and principles of securities regulation. She is the author of numerous publications on listed derivatives markets, regulation of the U.S. financial markets, bankruptcy, and risk management and is a member of the Council on Foreign Relations. Ms. Corcoran received an LL.B. from Harvard Law School and an A.B. from Stanford University with honors.
Prof. Filler serves as Director of the New York Law School Center on Financial Services Law. Previously, he was a Managing Director in the Capital Markets Prime Services Division at Lehman Brothers. Prof. Filler has served on numerous industry boards and advisory committees during his career and, most recently, as a member of the CFTC Global Markets, Advisory Committee, the CME Clearing House Risk Operating Committee, The Clearing Corporation Board of Directors, the FIA Board of Directors, and the FIA Law and Compliance Division Executive Committee. Prof. Filler received an LL.M. Georgetown University Law Center, a J.D. from George Washington University Law School , and a B.A. from the University of Illinois Champaign-Urbana.
Dr. Petzel is Chief Investment Officer of Offit Capital Advisors and a member of the firm's Investment Committee. Prior to joining Offit Capital, Dr. Petzel was a founding partner and Chief Investment Officer of Azimuth Asset Management and previously served as Chief Investment Officer of Commonfund. Prior to his work at Commonfund, Dr. Petzel served as Chief Economist at the Chicago Mercantile Exchange and Chief Economist at the Coffee, Sugar and Cocoa Exchange in New York . He is a Public Director of both the National Futures Association (NFA) and the Futures Industry Association (FIA). Dr. Petzel holds a Ph.D., M.A. and B.A., with honors, in Economics from the University of Chicago.
NYSE Liffe U.S. began trading in September 2008 as a fully electronic, liquid market for 100 oz. gold futures, 5,000 oz. silver futures, options on gold and silver futures, and mini-sized 33.2 oz. gold and 1,000 oz. silver futures. The exchange expanded into equity index futures with the launch of futures on MSCI Emerging Markets, MSCI EAFE, and MSCI USA indices in September 2009. NYSE Liffe U.S. has plans to further expand into futures on other asset classes, including U.S. interest rate products. In March 2010, NYSE Liffe U.S. sold a significant minority ownership stake to six leading firms and liquidity providers - Citadel Securities, DRW Ventures LLC (an affiliate of DRW Trading Group), GETCO, Goldman Sachs, Morgan Stanley, and UBS - increasing efficiency and competition in the U.S. futures market.