Ivers W. Riley
The late Ivers W. Riley was a pioneer and innovator in the options and exchange-traded funds space and a former executive at several exchanges. He was most recently a director at Interactive Brokers, LLC.  Before that he was chairman of the International Securities Exchange from 2002 to 2006. 
He died on Tuesday, February 17, 2015 at the age of 82.
Riley had a long track record in the exchange industry. He was first noted for his work in the mid-1970s at the Chicago Board Options Exchange for his efforts to promote and educate regulators and the industry on put options. He earned the nickname “Mr. Puts” for his relentless efforts on behalf of the contract.
In 1979, Riley partnered with Joseph Sullivan, the CBOE’s first president and the man largely credited for the creation of the first options market. Together they formed the industry’s first options consulting firm, The Options Group, where they worked on products for various exchanges and other options-related clients including Track Data, which was created in 1981 to provide options data for Wall Street firms.
In 1983, he joined the New York Stock Exchange to help them create an options exchange that would compete with the CBOE. That exchange was later purchased by CBOE when NYSE abandoned the product.
In 1986 he moved to the American Stock Exchange (Amex), where he was senior executive vice president in charge of all derivatives activity from 1986 to 1993. There he worked with Nate Most to develop the first US exchange-traded fund, the Standard & Poor’s Depository Receipt or SPDR, launched in 1998. The SPDR, an ETF based on the S&P 500 index, spawned a $2 trillion industry. He also helped to develop and promote the QQQQ, which tracks the Nasdaq 100 index.
John Lothian News Obituary
Riley received his Bachelor of Science degree in finance from The University of California, Los Angeles in 1955 and completed an advanced management program at Harvard University in 1986.
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