On Thursday, the Options Industry Council (OIC) announced that?Meyer “Sandy” Frucher is the 2013 recipient of the Joseph W. Sullivan Options Industry Achievement Award. This recognizes outstanding contributions to the growth and integrity of the U.S. options market.
OIC will present the award at the 31st Annual Options Industry Conference. This will be held April 24-26 at the Green Valley Ranch in Las Vegas, Nevada.
Gina McFadden, OIC President,?said in a press release,?”Sandy has had an important impact on the options industry ever since he first brought his fresh perspective to it 15 years ago. 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.”
Frucher is Vice Chairman of The NASDAQ OMX Group and is responsible for global exchange relationships; he 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.
Frucher had served as Chairman and CEO of PHLX since 1998.
He said of the award, “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. 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 Frucher’s leadership at PHLX, it built an advanced trading system that set new industry standards for exchange-trading technology. He also led efforts to demutualize the Exchange, making PHLX the first floor-based exchange to convert from a seat-owned, mutual cooperative institution to a for-profit, shareholding Delaware company.
In 2005, Frucher enhanced PHLX’s competitive position by striking strategic alliances with six key Wall Street and derivatives firms which made significant investments in the PHLX.
Previous Sullivan Award recipients include Joseph Sullivan, Wayne Luthringshausen, Paul Stevens, Ivers Riley, Thomas Peterffy, Jeffrey Yass, David Krell, Bill Brodsky, Bill Porter, Larry McMillan and Ed Joyce.