Boston Stock Exchange Files to Separate Chairman and CEO Roles; Clears the Way to Separate Regulatory and Operations Management.Business Editors/High-Tech Writers BOSTON--(BUSINESS WIRE)--April 5, 2004 The Boston Stock Exchange The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. (BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). ) announced today that it has filed changes to its rules to permit the separation of the Chairman and Chief Executive Officer positions. The filing was published by the Securities and Exchange Commission and is expected to be approved this month. This change arises from a recent review of the Exchange's governance and is intended to create a distinct separation between regulatory functions, which will now report directly to the Chairman, and business and marketplace operations, which will be managed by the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . It is similar to the recently approved separation of roles by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . "By initiating this change, we provide independence of the regulatory function from any direct linkages to the marketplace function. We believe that this will be increasingly recognized as the superior governance model," said Kenneth Leibler, current Chairman and CEO. Upon approval, Michael Curran, currently Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , will be promoted to Chief Executive Officer responsible for all Exchange marketplace activities. Kenneth Leibler will remain as Chairman, maintaining responsibility for the oversight of both regulation and the Exchange's new facility, the Boston Options Boston option See deferred premium option. Exchange (BOX). In addition, Edward Lesser, the Exchange's Chief Financial Officer, will be promoted to Chief Operating Officer, reporting to Mr. Curran. Mr. Curran joined the Exchange in September 2001 as Chief Information Officer and assumed the COO (Cell Of Origin) See mobile positioning. role last year. Prior to the BSE, he held senior positions at Scudder Stevens and Clark and Coopers & Lybrand. Mr. Lesser has been with the Exchange for 15 years, including 12 years as Chief Financial Officer. Prior to joining the BSE, he held various financial management roles at the accounting firm of Coopers & Lybrand. Boston Stock Exchange, Inc. Founded in 1834 as the third oldest exchange in the U.S., the Boston Stock Exchange (BSE) has, from its beginnings, played a vital role as a leading regional exchange within the strongest capital market system in the world. Today, the BSE offers exceptional market quality, specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. trading services, innovative technology and outstanding customer service to broker-dealers, investment institutions, and listed public companies. The BSE is currently executing in excess of 185 million shares of listed and over-the-counter securities. Additional information can be found at www.bostonstock.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion