Luncheon: Options Strategies in Today's Global Equity Markets

William Brodsky, Chairman & CEO, Chicago Board Options Exchange

March 2, 2010

In an increasingly complex marketplace, a growing number of market participants are using options strategies to manage risk. With over 40 years of experience in the U.S. options, futures and securities markets, Bill Brodsky shared his unique perspective on the state of the capital markets, providing valuable insights into equity options strategies and how these strategies may influence stock valuations. He also shared his perspective on where the global capital markets are headed.

Mini-Workshop: Shifting Capital Markets & Complex Risk Mgmt Techniques: Implications for Stocks will immediately precede the luncheon

The reality is the capital markets have changed. Trading pits have given way to electronic trading platforms. Exchanges have consolidated. Volume is passing through dark pools. Options are being used to manage risk. Short interest cannot be ignored. What does all this mean to the IRO? What's behind the options trading in your stock? Should the increase in your stock's trading volume alarm you? Is all short interest in your stock bad? What should you monitor and why?

Panel I:
Moderator: Jeff Morgan, President & CEO, National Investor Relations Institute
Panelists: Ray Bell, Financial Markets Consultant
Jim Bittman, Instructor, CBOE Options Institute
John Lothian, President & CEO, John J. Lothian & Co.

Panel II:
Moderator: Peter Nash, Sr. Director, Corporate Advisory Services, Thomson Reuters
Panelists: Katherine Buck, Managing Director, Wayne Hummer Asset Management Company
Cheryl Cargie, Sr. Vice President and Head Trader, Ariel Investments
David Grumhaus, Jr., Partner & Portfolio Manager, Copia Capital
Tim O'Brien, Sr. Vice President, Equity Derivative Sales, BTIG, LLC

Metropolitan Club
Mini-Workshop 9:00 a.m. to 9:30 a.m. Registration & Networking
9:30 a.m. to 11:30 a.m. Mini-Workshop
Luncheon
11:30 a.m. to noon Registration & Networking
Noon to 1:15 p.m. Luncheon & Program

The lunch is co-sponsored by CFA Society of Chicago and the Society of Corporate Secretaries & Governance Professionals, Chicago Chapter.
The mini-workshop is sponsored by PR Newswire.

Bios
Jeff Morgan is President and Chief Executive Officer of the National Investor Relations Institute (NIRI). Prior to joining NIRI, he was Chief Operating Officer of the Futures Industry Association (FIA) and Executive Vice President of the Institute for Financial Markets (IFM), an affiliate of the FIA. Prior to joining FIA, Morgan served as the number two staff officer of the National Association of Professional Insurance Agents (PIA).
A Pennsylvania native, Morgan holds a BS in Finance and Information Technology from Susquehanna University and a Masters Degree program in Nonprofit Management. Jeff serves on the NYSE Individual Investor Advisory Committee. He is a Certified Association Executive and a member and Fellow of the American Society of Association Executives.

Raymond Bell is an independent consultant/advisor to the corporate issuer and hedge fund communities. A senior executive with over 20 years of capital markets experience, he is widely recognized as an expert on the financial markets. Bell recently founded, and currently manages a private investment partnership focused on opportunities in the domestic and emerging markets.
Bell is the former Regional Head and Vice President of the NYSE Euronext Global Corporate Client Group, and also served as head of Closed-end Investment Companies and as the Interim Head of Investment Banking Services. Prior to joining the NYSE, Bell was Vice President of Market Data Services and Equity Order Flow, at the American Stock Exchange, served as director of the Financial Information Services Division of the Software and Information Industry Association, and held various positions with the NASDAQ Stock Market in the Trading & Market Services group. He began his career as a financial advisor with the regional investment banking and brokerage firm, Thomas James Associates.

Jim Bittman is a CBOE Options Institute instructor and the author of two books, Options for the Stock Investor, (McGraw-Hill, 1996), and Trading Index Options (McGraw-Hill, 1998). He teaches courses for public and institutional investors, and he has presented several custom courses throughout the U.S., Europe, South America and Southeast Asia. In 1980, Bittman began his trading career as an equity options market maker at the Chicago Board Options Exchange. From 1983 to 1993, he was a Commodity Options Member of the Chicago Board of Trade where he traded options on financial futures and agricultural futures. Bittman received a BA, magna cum laude, from Amherst College in 1972 and an MBA from Harvard University in 1974. In addition to his responsibilities at The Options Institute, Bittman is a member of the faculty of The Illinois Institute of Technology, where he teaches in the masters level Financial Markets and Trading Program.

John J. Lothian is the founder of a boutique market-focused online Web 2.0 media and education company that publishes newsletters, blogs and wikis. Additionally, he is a National Futures Association member Commodity Trading Advisor. Lothian is the president & CEO of John J. Lothian & Company, Inc. and the founder and owner of MarketsWiki, an online market focused knowledge base powered by the paid newsletter subscribers and a staff of professional journalists, market educators and consultants. He is the publisher of the John Lothian Newsletter, Environmental Newsletter and JLN Metals Edition. Additionally, Lothian is head of electronic trading for Price Futures Group, Inc., one of the industry's leading Introducing Brokers.

Peter Nash is a Senior Director of Corporate Advisory Services with over 12 years of experience in investor relations consulting at Thomson Reuters and predecessor companies. As an experienced stock surveillance analyst, he has a strong knowledge of equity trading and financial markets, and insight into the buyers and sellers behind stock trades, as well as their motivations. Prior to entering the investor relations, Nash held numerous positions within the financial services sector, including equity, unit investment trust and mutual fund trading. Nash also spent a number of years on the municipal side as an analyst in the healthcare sector. He holds a Master of Business Administration degree in Finance and Marketing from the University of Southern California and a Bachelor of Arts degree from Macalester College in St. Paul, Minnesota.

Katherine Buck, CFA, is managing director at Wayne Hummer Asset Management Company, where she manages the Wayne Hummer Small Cap Core Mutual Fund. Katherine's 13-year career began in the Fidelity Management & Research Company's (FMRCo) Equity Research Department. As an analyst there, Buck developed extensive experience running portfolios sized from $5 million to almost $1 billion. In 1999, she joined the Small Cap Team and went on to manage the Fidelity Small Cap Value Fund from inception until February 2006. Buck was named Jim Lowell's Fidelity Investor top-ranked Fidelity manager for 2005. From March 2006 through December 2007, she was an investment professional at Magnetar Capital running small cap value portfolios before joining Wayne Hummer Asset Management Company in 2008.

Cheryl Cargie is Senior Vice President and Head Trader with Ariel Investments. With over 21 years of trading experience, Cargie is responsible for the firm's trading operations. Prior to joining the firm in 1994, she was Vice President and Head Trader at Fiduciary Management Associates. In this capacity, she was the firm's principal trader of both equities and fixed income securities. Prior to her tenure at Fiduciary Management, Cargie was an equity trader at Aon Corporation. She is a past President of the Securities Traders' Association of Chicago, a member of NASDAQ's Institutional Traders Advisory Council, as well as an active member of Trader Forum and NOIP. Cargie graduated from Illinois State University with a Bachelor of Science in Finance.

David Grumhaus, Jr. is a partner and portfolio manager at Copia Capital, a Chicago-based hedge fund. Copia runs an equity market-neutral fund that is primarily focused on the energy, utility, industrial and material industries. Grumhaus, who joined Copia in 2003, currently manages the fund's utility and industrial book. Prior to joining Copia, he spent over 11 years in investment banking at Goldman Sachs and William Blair. Grumhaus earned a MBA from Harvard Business School where he was a George F. Baker scholar and a BA with honors from Princeton University.

Tim O'Brien is Senior Vice President of Equity Derivative Sales at BTIG, a firm that specializes in global trading and fund services for hedge funds, mutual funds, separate accounts and family offices. Prior to joining BTIG, O'Brien was Senior Managing Director of Equity Derivative Sales at Bear Stearns, Senior Vice President of Equity Derivative Sales at Lehman Brothers, Vice President of Equity Derivative Sales at Salomon Brothers, an Equity Index Option Portfolio Manager at Barclays de Zoete Wedd, and a floor market maker in currency options at Chicago Research and Trading. O'Brien holds a BA from the University of Notre Dame and a Masters from the American Graduate School of International Management.

William J. Brodsky is Chairman and Chief Executive Officer of the Chicago Board Options Exchange (CBOE). In October 2008, Brodsky was the first leader of a derivatives exchange to be named Chairman of the World Federation of Exchanges (WFE). He previously served as Vice Chairman of the WFE from 2007 to 2008. Brodsky's election as WFE Chairman marks the culmination of four decades of leadership roles in the U.S. options, futures and securities markets.
As Chairman and CEO of CBOE since 1997, Brodsky has overseen a period of tremendous growth and product innovation at the exchange, as well as the successful transformation of CBOE's traditional open-outcry market model into a world-class hybrid trading system. He serves as the industry's leading advocate in shaping market policy and regulation, and is currently guiding CBOE through demutualization from a membership organization to a for-profit stock corporation.
Prior to joining CBOE, Brodsky served for 15 years at Chicago Mercantile Exchange (CME). He began his career as an attorney in the securities industry with the firm of Model, Roland and Company. In 1974, he joined the American Stock Exchange (AMEX), where he was honored for his role in the development of its options programs.
Brodsky serves as a director of Integrys Energy Group, Inc. He is a member of the Federal Reserve Bank of New York's International Advisory Committee, the Council on Foreign Relations in New York City, and the Economic Club of Chicago. He is also the former chairman of the International Options Markets Association (IOMA).
He serves on the Kellogg School of Management Advisory Council, as a trustee of Syracuse University and is a member of the Board of Directors of Northwestern Memorial Hospital and chairs its investment committee. Brodsky holds an A.B. degree and a J.D. degree from Syracuse University and is a member of the Bar in Illinois and New York.


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