• Catherine Clay appointed Global Head of Derivatives, a new global leadership role for the organization
• Adam Inzirillo promoted to Global Head of Data and Access Solutions

CHICAGO, Oct. 11, 2023 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives and securities exchange network, today announced changes and new appointments to its senior leadership to further support the company’s global growth strategy. These changes include the appointment of Catherine Clay to Global Head of Derivatives, a new role for the organization, and the promotion of Adam Inzirillo to Global Head of Data and Access Solutions.

“Continuing the growth and expansion of our global Derivatives business presents a tremendous opportunity for Cboe and is an area where we intend to continue sharpening our focus,” said Fred Tomczyk, Chief Executive Officer of Cboe Global Markets. “Today’s leadership appointments enable us to further leverage and expand our global footprint to deliver world-class products and services to our clients.”

In her new role, Clay, who was previously Global Head of Data and Access Solutions and Digital, will oversee Cboe’s global derivatives business, which includes futures and options markets in the U.S. and Europe, as well as a suite of globally traded proprietary products, including the popular S&P 500 Index options and VIX franchises. Clay will focus on further strengthening and building out Cboe’s global derivatives network and customer base.

Inzirillo, previously Head of North American Equities, will become Global Head of Data and Access Solutions, overseeing Cboe’s market data and access services, global indices, risk and market analytics and execution solutions services. Oliver Sung, previously Head of North America Execution Consulting for Cboe, will replace Inzirillo as interim Head of North American Equities.

“Cathy successfully led the global expansion of Cboe’s Data and Access Solutions business. Her track record at Cboe, coupled with her depth and breadth of experience in the trading industry and derivatives space specifically, make her the ideal leader to assume this new position,” said David Howson, Global President of Cboe. “Under Adam’s leadership, our Equities business brought many new client-driven solutions to the market. With Adam’s promotion, I’m excited to see the future innovations that are developed for our DnA business as we seek to meet global client demand for data and access solutions to our markets. “

Senior Leadership Team Biographies

Catherine Clay

Clay joined Cboe in 2015. In her most recent role as Executive Vice President, Global Digital and Data Solutions, she led the company’s efforts to align Cboe’s digital assets, data and analytics product suite  and market data services with strategic objectives. Under Clay’s leadership, Cboe’s market data and access services, market and risk analytics, global indices and order and trade management offerings work in tandem, providing Cboe’s global client base with more efficient and streamlined access to the company’s full suite of data services and trading resources.

Clay began her career as a clerk in Interactive Brokers’ market-making unit, Timber Hill, and progressed to Lead Market Maker and Director of Floor Trading and Operations. In 2006, she left Timber Hill to co-found Thales LLC, a market-making firm on the NYSE Options Floor and on the OneChicago single stock futures exchange. She joined Livevol, Inc. in 2010 as Chief Strategy Officer. At the time of Cboe’s acquisition of Livevol in 2015, Clay held the position of Chief Executive Officer.

Adam Inzirillo

Inzirillo joined Cboe in 2019 as Senior Vice President and Head of U.S. Equities. Since 2020, Adam Inzirillo held the position of Senior Vice President, Head of North American Equities at Cboe Global Markets, Inc. (Cboe). Based in New York, Inzirillo is responsible for overseeing the product development and strategic growth of Cboe’s U.S. equities business, as well as Cboe’s Canadian equities trading venues, MATCHNow and the NEO Exchange. Inzirillo is defining markets by helping Cboe enhance its competitive positioning and its strategic growth efforts.

During his nearly 20 years in equities trading, Inzirillo has held a number of senior leadership positions in the industry. Prior to joining Cboe, he was Managing Director, Head of Order Routing and Execution Products at Bank of America Merrill Lynch (BAML), where he worked for nearly a decade. During his tenure, he expanded the firm’s liquidity offerings via business development and product management of its smart order router, direct market access, order management applications and non-displayed crossing functionality. Previously, Inzirillo was Executive Director, Head of Broker Dealer Business Development at UBS Securities LLC, where he managed the business development of broker dealers trading on the firm’s ATS and electronic trading platforms.

Oliver Sung

Sung joined Cboe in 2021 as Head of North American Equities Execution Consulting leading analysis of Cboe’s North American Equities business to help drive internal business growth and the development of new products. In this role, Sung also oversaw the creation of unique content for distribution to Cboe clients, providing comprehensive insight into Cboe’s products and services, as well as the North American equities markets in general.  

Sung has more than 20 years of industry experience and has held several leadership positions in the electronic trading space. Prior to joining Cboe, he was Managing Director, Electronic Trading, Project Management at Cowen, where he where he helped manage various projects for the company’s electronic trading platform and service. Previously, Sung also held roles as Managing Director, Head of Electronic Execution at Convergex and Head of Americas Execution Consulting/Next Generation Algo Product Management at Bank of America Merrill Lynch. 

About Cboe Global Markets, Inc.

Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, including compensation inflation; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our indices; our ability to manage our growth and strategic acquisitions or alliances effectively;  our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business and clearinghouse, including the expected benefits of our Cboe Digital acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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