Cboe mourns the death of first president and founder

Joseph Sullivan III founded the Chicago Board Options Exchange (Cboe) 47 years ago and established the listed options industry in the US.

Exchange operator Cboe Global Markets has released a statement confirming the passing of its founder and first president, Joseph Sullivan, on the 2 October.

Joseph Sullivan III launched Cboe 47 years ago and established the listed options industry in the US.

Sullivan began his career for the Wall Street Journal before joining the Chicago Board of Trade. He went on the launch Cboe on 26 April 1973.

The exchange operator said it would be having a moment of silence on its trading floor before the market open today.

“On behalf of all of Cboe, we are deeply saddened to lose a visionary leader like Joe Sullivan. His dedication, determination, and commitment to launching Cboe, in spite of many challenges, laid the foundation for the vibrant options market that exists today,” said Cboe chief executive Ed Tilly.

“Joe was immensely proud of what Cboe and the U.S. options industry would become. Our industry simply would not be what it is without Joe’s innovative thinking and leadership and we are forever grateful for his passion and genius.”

Tilly has been chief executive at Cboe for nearly eight years. He assumed the role of chairman in 2016 following the closing of Cboe’s $3.2 billion deal to acquire Bats Global Markets.

In August, Cboe confirmed it would be listing new S&P 500 ESG Index Options in a bid to expand its S&P Dow Jones Indices product offering.

The Cboe S&P 500 ESG Index Options, which will be available from September 2021, are designed to help market participants trade, hedge, or gain exposure to US equities sustainability criteria.