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Executive Profiles

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  • Emigrated to the U.S. from Hungary in 1965.
  • Became a member of the American Stock Exchange in 1977 as an individual floor trader after working for 10 years as a computer programmer.
  • Pioneer in the advancement of options markets and electronic trading. Influential in the formation and structuring of the Boston Option Exchange (BOX) and the International Securities Exchange (ISE).


  • Special Counsel to the law firm Dechert LLP.
  • Specializes in commercial counseling and litigation with an emphasis on securities and commodities law.
  • J.D., magna cum laude, from Boston University School of Law.
  • B.A. in Economics from New York University.


  • Spent five years as an Asst. VP and Credit Manager for Mocatta Metals Corp. prior to joining Timber Hill in 1987.
  • Responsible for internal admin., finance, accounting, clearing, and banking relationships.
  • Oversees certain aspects of new product development.
  • B.A. in Economics, Cornell University 1982.


  • Joined Timber Hill in 1985.
  • Responsible for the development and maintenance of the Company's trading, processing, and communications systems. Presently, he concentrates on development of brokerage systems.
  • Ph.D. in Physics from MIT 1985.


  • Joined Timber Hill in 1990 as a software developer.
  • Head of software development for trading and risk management systems, as well as several areas of the brokerage system.
  • Member of the Board of Directors of the Boston Options Exchange.
  • M.S. in Electrical Engineering, Technical University of Budapest.


  • Professor of Finance and Business Economics, and director of the Center of Investment Studies at the University of Southern California, where he holds the Fred V. Keenan Chair in Finance at the Marshall School of Business.
  • Serves as a director of the Clipper Fund and as the research coordinator of the Institute for Quantitative Research in Finance.
  • From 2002 – 2004, served as the Chief Economist of the U.S. Securities and Exchange Commission.
  • Ph.D. in Economics, University of Chicago 1982.


  • Professor of Finance and Director of the Financial Markets Research Center at the Owen Graduate School of Management, Vanderbilt University since 1980.
  • Member of the Board of Directors of the Option Clearing Corporation, 2005 - 2008.
  • A.B. degree from Swarthmore College in 1961.
  • M.B.A. and Ph.D. degrees from the Graduate School of Business of the University of Chicago in 1963 and 1966, respectively.
  • Fellow of the American Finance Association.


  • Special advisor to the International Securities Exchange, formerly Chairman from 2002 – 2006.
  • From 1994 - 1997, and again from 1999 - 2000, served as Chief Executive of the Hong Kong Futures Exchange and Chairman of the HKFE Clearing Corporation.
  • From 1986 – 1993, served as Senior Executive Vice President in charge of all derivatives activity at the American Stock Exchange.
  • Served as Executive VP of the NYSE from 1983 – 1986.
  • Bachelor of Science degree in finance from UCLA in 1955.
  • Completed Advanced Management Program at Harvard in 1986.
  • In 2005 named to FIA Futures Hall of Fame and received Options Industry Lifetime Achievement Award.


  • Co-founded TFS Capital in 1997, an independent advisory firm dedicated to the construction of quantitative models designed to identify market inefficiencies.
  • As a portfolio manager at TFS, his focus is on trade execution, factor research, and business development.
  • Graduated from the University of Virginia in 1994 with a bachelor's degree in Chemical Engineering.