Chris R. Concannon
Before joining Cboe, Concannon served as president of Bats, beginning on December 15, 2014. He is credited with leading Bats through its initial public offering in April 2016 and the sale of the company to CBOE. and succeeded Joe Ratterman as CEO.
Concannon has nearly 20 years of experience as an exchange executive, regulator and industry participant. He played a major role in Bats' acquisition of Hotspot FX announced on January 16, 2015.
Prior to this position, Concannon was president and chief operating officer at Virtu Financial LLC, a proprietary trading firm formed by Vincent Viola, former chairman of NYMEX Holdings. He joined Virtu in 2009, after resigning from his former position as executive vice president, Transaction Services U.S. at NASDAQ OMX on Apr. 30, 2009. He spent six years at Nasdaq in that role.
He is an outspoken advocate for modern market structure and he has appeared before groups including The Options Industry Conference, the Security Traders Association, and the Investment Company Institute. He is a former attorney with the U.S. Securities and Exchange Commission (SEC).
Concannon joined NASDAQ as executive vice president in May 2003. As executive VP, he was responsible for the management and operation of the U.S. transaction services business, which includes The Nasdaq Stock Market and The NASDAQ Options Market, and was also in charge of the launch of Nasdaq OMX Europe. While at Nasdaq, he oversaw various acquisitions, including the Philadelphia Stock Exchange and the Boston Stock Exchange. He was also one of the lead executives involved in several clearing initiatives in 2009, which led to Nasdaq's currently managing eight clearing mechanisms, including International Derivatives Clearing Group and Nord Pool Clearing.
During his tenure at Nasdaq, Concannon oversaw the 2006 integration of the Brut and Inet electronic communications networks (ECN) to form the basis for Nasdaq’s technology platform. Concannon joined Nasdaq in its purchase of Instinet, where he was president of its clearing unit.
Before joining NASDAQ, Concannon was president of Instinet Clearing Services, Inc., where he managed the clearing and execution services business offered by Instinet Clearing. Before joining Instinet, he was special counsel and vice president of business development for the Island ECN.
During this time, he specialized in the review and approval of rules of the various self-regulatory organizations, the regulation of securities underwriting, and the regulation of the clearance and settlement of securities transactions. He began his career with the American Stock Exchange, where he served as a legislative analyst from 1992-1995, lobbying Congress and the Administration on a variety of securities related issues.
Cboe launched regulated bitcoin futures for the first time in December 2017. In June 2018, the U.S. Securities and Exchange Commission (SEC) announced that Ethereum is not a security; in response to this, Concannon said the news "clears a key stumbling block for Ether futures, the case for which we’ve been considering since we launched the first bitcoin futures in December 2017.” He has also said such offerings "could not stop with bitcoin," and that Cboe could offer similar services for other cryptocurrencies, such as Litecoin and Bitcoin Cash.
In April 2018, Concannon said in an interview with John Lothian News that bitcoin futures were "the first tiny little step," and that "we (Cboe) think there's a broader market there...we'll continue to look at what that demand is, and how quickly we can roll that product out."
In August 2018, Cboe announced that it was "close" to offering futures for ether. This aligned with comments Concannon had previously made implying that Cboe could offer products tied to "other crypto markets" (besides bitcoin) in the future.
Concannon received a B.A. from The Catholic University of America in 1989, an MBA from St. John's University in 1991, and a J.D. from the Columbus School of Law, the Catholic University of America in 1994. He is a member of the New York Bar, New Jersey Bar and the District of Columbia Bar.
In this video from JLN's annual series with industry leaders, Chris Concannon, Cboe’s President and COO, talks about complex order book functionality, the future of a crypto ecosystem at Cboe, how Cboe prepared for more technology migrations on its exchanges and more.
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