.
.--.
Print this
:.--:
Bill Brodsky
His 40-year affair with the securities industry helped transform the business into the 24/7 financial colossus it is today. He created the American Stock Exchange as a competitor to the Chicago Board Options Exchange in the mid-1970s, went to the Chicago Mercantile Exchange for 12 years, and now heads the CBOE.

In 1996, we began electing people to the Derivatives Hall of Fame. In an annual event, the honorees are invited to talk about their accomplishments and take a peek into the future. The ultimate goal: to give the derivatives business a much-needed window into its own past.
Myron Scholes
The co-creator, with Fischer Black, of the Black-Scholes option-pricing model and winner of the 1997 Nobel Memorial Prize in Economic Science.
"The Black-Scholes model can be used to price options on a piece of paper, but the computer allows banks and financial institutions to use it and other models in everyday derivatives use. Finance would be much coarser without the computer."
Edson Mitchell
Over 15 years, he developed Merrill Lynch into a capital-markets powerhouse. He then turned his attention to making Deutsche Morgan Grenfell a first-tier global player.
Allen Wheat
He built Bankers Trust's swaps business and helped turn the firm into a corporate institutional bank. After moving to CSFB, he yoked together that firm's global swaps and derivatives business and has given the bank a fully functional global presence.
Patrick de Saint-Aignan
After helping build Morgan Stanley's swaps business from the ground up, he was a crucial force in forging the organization that became the International Swaps and Derivatives Association, eventually serving as chairman.
"People were using different confirms and swap agreements, on the basis of 'My document is better than your document.' This was not the way to develop the market."
Merton Miller, winner of the 1990 Nobel Memorial Prize in Economic Science for his work on capital structure and dividend policy, and an outspoken defender of the Chicago futures exchanges.
"The term 'derivatives' was invented in New York to be disparaging about the Chicago people, as if to say, 'We are the real market; you are merely the derivatives. You're the mistletoe wound around the oak, sucking out our life's juices.' The term caught on."
Leo Melamed
This Grand Master of financial futures created the first exchange-traded foreign currency futures contract in 1972. After that, he ran the Chicago Mercantile Exchange, brought the exchange in the modern age and became a diehard advocate of technology.
Derrick Tullett
Founder of Tullett & Tokyo, a global broker in the wholesale financial markets, which last year merged with Liberty Brokerage to become Tullett & Tokyo Liberty, now one of the world's largest interdealer brokers.
Mark Rubinstein
A walking compendium of finance theory and a fan of state-contingent prices, he helped develop portfolio insurance for financial institutions with large portfolios. Lately, he's been exploring issues in behavioral finance.
Oldrick Alfons Vasicek
An interest rate derivatives modeler and researcher whose pioneering use of quantitative methods in credit analysis proved instrumental to the credit derivatives boom of the 1990s.
Richard Sandor
He has had three lofty ideas: to develop interest rate futures, to help commoditize the insurance business, and to act decisively on the belief that electronic trading is altering the behavior of markets. All implemented.
Jorg Franke
He built an all-electronic derivatives exchange, free of the encumbrances of open-outcry trading. Then Deutsche Terminborse merged with Soffex to become Eurex. Then Eurex became the biggest derivatives exchange in the world.
Conrad Voldstad
He grew up at JP Morgan in the nascent swaps business of the early 1980s, eventually leading its global swaps group. In 1988, he jumped to Merrill Lynch, founding its triple-A swaps subsidiary, and now surveys the business as co-head of global debt markets.
Robert Merton
Winner of the Nobel Memorial Prize for Economic Science in 1997 for his papers on options theory, his early work helped launch the derivatives markets worldwide by enabling traders to better assess risk.
Lisa Polsky
Two decades ago, she was among the first to bring a computer to the trading floor--a primitive Radio Shack TRS-80. A super-quant options trader and prime mover in the FX options business, she applied financial engineering to a range of areas, eventually moving into global risk management.
--