Mr. Katz is one of the principal developers of ISE's unique options market structure - an auction market on an electronic platform. He is named as inventor or co-inventor on six patents that ISE has received or applied for relating to its proprietary trading system and technology.

Before joining ISE at its inception, Mr. Katz served from 1997 to 1998 as President and co-founder of K-Squared Research, LLC, a financial services consulting firm. From 1986 until 1997, he held several positions in the Options and Index Products Division at the New York Stock Exchange where he became Managing Director. During his tenure at NYSE, Mr. Katz also was a co-founder of The Options Industry Council, a trade group dedicated to promoting the equity options sector through the education of the investing public. Prior to 1986, Mr. Katz was an actuary with the Equitable Life Assurance Company and is an Associate of the Society of Actuaries.

Mr. Katz formerly was an Adjunct Professor of Statistics at the Stern School of Business, New York University, where he conducted classes in business mathematics applications and also taught classes in options strategies and pricing at the New York Institute of Finance. Mr. Katz has an MS in Statistics with Distinction from New York University and a BA from Queens College.

Mr. Katz serves on the Executive Board of Eurex and also represents ISE on the Board of Directors of The Options Clearing Corporation.

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