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Cboe Announces Management Changes in Wake of Concannon Departure

Cboe Global Markets has announced a raft of senior management changes following the news that Chris Concannon is set to leave the firm, where he currently holds the position of president and COO.

Chris Isaacson, currently executive vice president and chief information officer, will become executive vice president and COO, reporting to chairman and CEO, Ed Tilly. In addition, Eric Crampton, currently senior vice president and global head of software engineering, will become senior vice president and CTO, reporting to Isaacson. Tilly will add the title of president to his current role, a position he previously held from 2011 to 2013.

These appointments will be effective January 14.

Commenting on the new structure, Tilly says: “The role of COO is a natural progression for Chris Isaacson, given his track record of success with the company and the importance we place on leading-edge technology and relentless execution. He is widely regarded as one of the top technology and operations professionals in the industry and is uniquely qualified to lead our daily operations during this next phase of our growth.”

As COO, Isaacson will run the day-to-day operations of the company and assume oversight of the risk/information security teams, while continuing to lead the trade desk, infrastructure, data and analytics, and FX technology and operations, which he previously led as chief information officer.

Since joining Cboe in 2017, Isaacson has led the integration of the Cboe and Bats Global Markets (Bats) technology platforms following Cboe’s acquisition of Bats in 2017. A founding member of Bats in 2005, Isaacson held various senior leadership positions with the company, including COO from 2007 to 2014 and executive vice president and global chief information officer from 2014 to 2017. Prior to helping found Bats, he was a software developer at broker-dealer Tradebot Systems from 2003 to 2005.

As CTO, a new position within Cboe, Crampton will lead global software engineering, quality assurance and project management.

Crampton also joined Cboe in 2017 following the Bats acquisition. He had been with Bats since 2008, where he led the software engineering teams through the implementation of the company’s proprietary exchange technology platform and through the technology integrations following Bats’ acquisitions of Chi-X Europe and Direct Edge. He previously held technical and management roles at Amazon and at Automated Trading Desk, an electronic market making and technology firm.

Meanwhile, media outlets are reporting that Concannon is set to join the bond trading platform, MarketAxess, where he will be the president and COO.

Concannon had been with Cboe since 2017, joining as part of the exchange group’s acquisition of Bats. He was responsible for Cboe’s transaction businesses, including global derivatives, US and European equities, and global FX – as well as overseeing the company’s technology, operations, risk and marketing divisions.

Concannon joined Bats in 2014 as president of the company, before also being named as the firm’s CEO the following year. He oversaw the acquisition of Hotspot in 2015. The following year, Concannon led Bats’ initial public offering.

Prior to joining Bats, Concannon worked at electronic market maker, Virtu Financial, which he joined in 2009. There, his responsibilities included overseeing global operations, global risk, strategy and business development.

Before that, Concannon spent six years as executive vice president of the Nasdaq OMX Group, where he was responsible for overseeing all of Nasdaq OMX’s US exchanges, including the Nasdaq Stock Market, Nasdaq BX and Nasdaq PHLX.

While at Nasdaq, Concannon led numerous acquisitions and integrations, including Brut, INET and the Philadelphia and Boston Stock Exchanges. Concannon also served as a chief liaison with customers and regulators, led the launch of the Nasdaq Options Market and was on the Nasdaq Stock Market board.

Prior to Nasdaq, Concannon served as president of Instinet Clearing Services, and before that, served as special counsel and vice president of business development at Island ECN.

He was also a practicing attorney at Morgan, Lewis and Bochus LLP from 1997 to 1999 and at the US Securities and Exchange Commission (SEC) from 1994 to 1997, working in the Division of Trading and Markets.

Galen Stops

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