The Founders

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    While Porter and Averbuch, with a potential broker/dealer consortium, had the stock options order flow necessary to begin trading options, they needed the exchange management skills and options background necessary to successfully develop a fully electronic options exchange.

    In May 1997, David Krell and Gary Katz, left their managerial positions in the options division of the New York Stock Exchange and founded K-Squared Research, LLC, a specialized organization focused on education/training, consulting on derivative and structured products, and services to broker/dealers.