Patrick Fay

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Patrick Fay
Occupation Managing Director
Employer Morningstar Indexes
Location Chicago
LinkedIn Profile

Patrick J. Fay is a managing director at Morningstar Indexes.[1] Fay was previously head of research and consulting for EQDerivatives.

Earlier, he was director of listed derivatives for the Americas for Russell Investments.

Before joining Russell, he was a senior vice president corporate development for the Chicago Board Options Exchange. He left that post in March 2012.


Formerly a vice president and managing director of the CBOE Futures Exchange (CFE), Fay directed all aspects of CBOE’s futures effort -- marketing and sales, member relations, and the exchange’s market-making program -- and initiated the creation of Market Data Express, LLC, a CBOE subsidiary that offers market data for sale.

Fay rejoined CBOE in 2004 from NQLX, where he served as executive vice president responsible for business development. Prior to that position, Fay spent 18 years at CBOE, where he was involved in systems development, trading operations and marketing. He managed both CBOE’s Internet presence and The Options Institute, the educational arm of CBOE, as part of his business development role. He also oversaw sweeping changes that ranged from the rollout of handheld electronic trading terminals on the CBOE floor to the development of CBOE’s award-winning website.


Fay holds a B.S. in Business from Eastern Illinois University and a M.B.A. in Business Economics from DePaul University. He also attended the Securities Industry Institute at The Wharton School at the University of Pennsylvania.

John Lothian News Interview, December 2014

Small Caps Coming Up Big: Russell’s Pat Fay on the One-Year Anniversary of the CBOE Russell 2000 Volatility Index

Investors have been flocking to equities lately, but the interest in small caps is outpacing that in large caps. JLN spoke with Pat Fay, director of listed derivatives for Russell Investments, at FIA Expo, who talked about the "disconnect" between large cap volatility and small cap volatility starting in February, which is also represented in the options volume. Small cap options volume has risen significantly, whereas large cap volume has grown, but not nearly as much.


  1. Morningstar Appoints Ron Bundy to Build on Global Growth of Its Indexes Business. Morningstar Press Release.