Mr. Tilly served as a member of the CBOE Board of Directors in 1998, 1999, 2000 and 2003. He chairs the CBOE Floor Directors Committee and the Strategy Implementation Committee. He also serves on the Executive and Compensation Committees, key committees of the CBOE Board of Directors. He has served on the Governance Committee. His past service also includes chairing the Modified Trading System (MTS) Appointments Committee and serving on the Allocation Committee.

As chairman of the Equity Floor Procedure Committee for many years, Mr. Tilly played a major leadership role in the conceptualization, development and rollout of the CBOE Hybrid trading system, launched in 2003. The CBOE Hybrid merges the best features of screen-based and open outcry trading.

Mr. Tilly serves on the Board of Directors of the National Stock Exchange and the Board of Directors of OneChicago, an all-electronic security futures exchange.

Mr. Tilly is a member of the Board of Trustees of the District 220 Educational Foundation in Barrington, Illinois. He received a degree in Economics from Northwestern University.