The CBOE Stock Exchange, LLC (CBSX) has named David Harris, a 17-year veteran of the financial industry, as President of the new CBOE Stock Exchange (CBSX). CBSX is scheduled to launch on 5 March 2007, in conjunction with the rescheduling of the Securities and Exchange Commission’s Regulation NMS (Reg NMS) Trading Phase Compliance date.
“I am excited to lead this new venture and look forward to working with CBOE and the leading trading firms we have partnered with to launch the CBOE Stock Exchange,” says Harris. “As the changes from Regulation NMS take effect in the securities industry, we believe that CBSX’s unique, yet proven, market model will provide an attractive, alternative trading destination for industry participants. Not only will CBSX feature a fully electronic market with a strict price-time priority matching algorithm and high liquidity rebates, but we intend to enhance liquidity with dedicated liquidity providers and leverage the CBOE’s options and futures businesses.”
Prior to joining the CBOE Stock Exchange, Harris served as Senior Vice President of Business Planning and Strategy for the American Stock Exchange. Before AMEX, Harris served as Executive Vice President and General Counsel of Nasdaq Liffe Markets LLC (NQLX). He was a founder of NQLX and directed and executed the exchange’s launch. Harris has also served as Counsel to the Chairman and Chief Executive Officer of the NASD and Nasdaq. Earlier in his career, he served as a Senior Associate at Kirkpatrick & Lockhart and as Senior Counsel in the Division of Enforcement at the Securities and Exchange Commission (SEC).