Gary Katz

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Gary Katz
Occupation Former President and CEO
Employer International Securities Exchange
Location New York, NY USA

Gary Katz is an actuary, educator and technology and exchange executive who is the former president and chief executive officer of International Securities Exchange and a co-founder of the company. The ISE was sold to Nasdaq on June 30, 2016. Katz agreed to stay on with Nasdaq in an advisory role until the end of 2016.

Before assuming the top post at ISE, he served as chief operating officer at the exchange.

Katz was one of the principal developers of ISE's options market structure - an auction market on an electronic platform – used by ISE, ISE Gemini and ISE Mercury. In May of 2018 Katz received the Joseph W. Sullivan Award at the Options Industry Conference in Amelia Island, Florida.[1]


Katz became president and CEO of ISE and a member of its board on Jan. 1, 2008, replacing David Krell, who then became chairman. Katz was previously chief operating officer of the ISE and the ISE Stock Exchange, which he joined at its inception. He was also responsible for the corporate initiatives division, technology management program and market operations team. He is named as inventor or co-inventor on six patents that ISE has received or applied for relating to its proprietary trading system and technology.[2]

Katz served on the Group Management Committee of Deutsche Boerse Group and the Executive Board of Eurex, ISE's parent company, and also represented ISE on the board of The Options Clearing Corporation, serving as chairman of the Technology Committee and as a member of the Governance and Nominating Committee. [3]

Before the ISE, he was president and co-founder from 1997-1998 of K-Squared Research, LLC, a financial services consulting firm. From 1986 to 1997, Katz served in the options and index products division at the New York Stock Exchange, where he became a managing director. During his tenure at the NYSE, Katz also was a co-founder of The Options Industry Council.

Before 1986 Katz was an actuary with the Equitable Life Assurance Company and an associate of the Society of Actuaries.

In April of 2013, Katz was a guest editor of the John Lothian Newsletter.[4]


Katz formerly was an adjunct professor of statistics at the Stern School of Business, New York University, where he conducted classes in business mathematics applications. He also taught classes in options strategies and pricing at the New York Institute of Finance. He has an MS in Statistics with Distinction from New York University and a BA from Queens College.

MarketsWiki Five Minute Interviews[edit]

John Lothian News Interviews with Gary Katz[edit]

Options’ Glass is Half Full: Gary Katz Says Industry is Doing Well

Gary Katz, president and CEO of the International Securities Exchange (ISE), has seen the options markets change dramatically since he co-founded the all-electronic options exchange in 2000.

His exchange launched ISE Gemini in August 2013, representing the 12th US options exchange. Katz sat down with JLN editor-in-chief Jim Kharouf to talk about where the US equity options business is today, why almost flat volumes isn’t a bad thing, and how this industry can keep growing, even in a low volatility, low interest rate environment.

In the first three quarters of 2013, US equity volumes are down, as are futures volumes. But US equity options volumes are virtually flat, up 1.4 percent overall and down 0.24 percent counting just equity options, not index options. To Katz, that shows the strength of the US options markets, especially in difficult times for stocks.

“The industry itself is telling you that it has been able to hold volumes flat, in an environment when overall volumes in stocks are down,” Katz said. [5]

Born Under a Good Sign: Gary Katz Says ISE Gemini Off to Fast Start

Gary Katz, president and CEO of the International Securities Exchange (ISE), has seen the options markets change dramatically since he co-founded the all-electronic options exchange in 2000.

Now with the launch of ISE Gemini in August of 2013, the ISE is looking to add another exchange model that differs from the flagship exchange. Gemini also represents the 12th US options exchange. Katz sat down for this video interview with JLN editor-in-chief Jim Kharouf to talk about the new exchange, which garnered two percent market share of the total industry options volume in its first month. The exchange also rolled out the first 300 names during its first weeks, ahead of its original planned rollout.

Katz also spoke about how the exchange is drawing options order flow that rests on the order book at the exchange. This type of pricing model is designed to provide more choice to its existing customer base.[6]

“Cannot be done”: ISE’s Gary Katz Tells The Inside Story Of The Biggest Disruptor To The Options Industry
It’s been quite a ride for almost 20 years for Gary Katz, now officially the former co-founder, president and CEO of the International Securities Exchange. Nasdaq closed the deal to buy ISE from Deutsche Boerse on June 30, ending one of the most pioneering and successful runs for an exchange in the history of financial markets. Co-founded in 1997 by Katz, David Krell, William Porter and Marty Averbuch, the group set out to create the first fully electronic US equity options exchange. The exchange launched in 2000, but the road was bumpy, funny and frustrating, even on good days. [7]


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