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The Options Industry Council Announces Meyer "Sandy" Frucher to Receive Joseph W. Sullivan Award at the Annual Options Industry Conference
Chicago—February 14, 2013
The Options Industry Council (OIC) today announced Meyer "Sandy” Frucher as the 2013 recipient of the Joseph W. Sullivan Options Industry Achievement Award in recognition of outstanding contributions to the growth and integrity of the U.S. options market. The award will be presented at the 31st Annual Options Industry Conference, to be held April 24-26 at the Green Valley Ranch in Las Vegas, Nevada.
"Sandy has had an important impact on the options industry ever since he first brought his fresh perspective to it 15 years ago,” said Gina McFadden, OIC President. "Sandy's innovative solutions in turning around the Philadelphia Stock Exchange—from technology to demutualization—spurred changes across the industry. And as an advocate of investor education, Sandy successfully promoted OIC's expansion with OCC's board.”
Mr. Frucher is Vice Chairman of The NASDAQ OMX Group. In this role, Mr. Frucher is responsible for global exchange relationships and serves as a senior advisor to the senior management team on a broad range of industry and regulatory issues. He joined the exchange after NASDAQ OMX completed its acquisition of The Philadelphia Stock Exchange, known today as NASDAQ OMX PHLX, in July 2008. Mr. Frucher had served as Chairman and CEO of PHLX since 1998.
"It's an honor to receive this award from the Options Industry Council. And it is gratifying indeed to be recognized by one's peers for one's work,” Mr. Frucher said. "I accept the award on behalf of all the wonderful people I worked with at the Philadelphia Stock Exchange, as it then was. They are the ones who made the innovations happen, and as always, it is innovation that leads to growth.”
Under Mr. Frucher's leadership, the PHLX built an advanced trading system that set new industry standards for exchange trading technology. He also led the effort to demutualize the Exchange, making the PHLX the first floor-based exchange to convert from a seat-owned, mutual cooperative institution to a for-profit, shareholding Delaware company. In 2005, Mr. Frucher enhanced the PHLX's competitive position by striking strategic alliances with six key Wall Street and derivatives firms which made significant investments in the PHLX.
Before assuming the chairmanship of the PHLX, Mr. Frucher had gained extensive experience in business, government and labor relations. He served as Executive Vice President of Development for Olympia and York from 1988 to 1996, coordinating and overseeing all its U.S.-based development projects. He also led two major, quasi-public authorities through which he was responsible for the development, financing and construction of complex, large-scale public and private facilities. From 1984 to 1988, Mr. Frucher was President and CEO of the Battery Park City Authority in New York City, and from 1978 to 1983, he served as Chief Labor Negotiator for the state of New York.
Mr. Frucher received a Bachelor's degree in Government from Columbia University and a Master of Public Administration degree from the John F. Kennedy School of Government, Harvard University.
The previous Sullivan Award recipients are: Joseph Sullivan himself, Wayne Luthringshausen, Paul Stevens, Ivers Riley, Thomas Peterffy, Jeffrey Yass, David Krell, Bill Brodsky, Bill Porter, Larry McMillan and Ed Joyce.
OIC is an industry cooperative funded by BATS Options, BOX Options Exchange, Chicago Board Options Exchange, C2 Options Exchange, International Securities Exchange, MIAX Options, NASDAQ OMX PHLX, NASDAQ Options Market, NYSE Amex Options, NYSE Arca Options and OCC. OIC was formed in 1992 to educate investors and their financial advisors about the benefits and risks of exchange-traded equity options. OIC's resources include: Investor Services live help at 1-888-OPTIONS, its educational website at www.OptionsEducation.org, live seminars throughout the continental United States and Canada, and educational literature.
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