The Founders

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    Having heard of the NYSE divestiture of its options business, Averbuch approached K-Squared Research to explore the feasibility of developing the first all electronic options exchange in the United States. Thus, Porter, Averbuch, Krell and Katz joined to become the founders of the International Securities Exchange (ISE).

    In September 1997, ISE was established with Bill Porter as Chairman, David Krell as President and CEO and Gary Katz as Senior Vice President Marketing & Business Development. Commensurate with this formation, Adirondack Trading Partners (ATP) was formed to fund the design, development and implementation of ISE. Marty Averbuch, as President and CEO of ATP, began the process of creating the consortium of broker/dealers to provide capital and a critical mass of order flow.