Stanley Choung joins ISE board

NEW YORK, May 9, 2011 – The International Securities Exchange (ISE) today announced that Stanley Choung has been elected to its Board of Directors, effective immediately. Mr. Choung, Managing Director of the Institutional Equity Division for Morgan Stanley, will serve as an industry director representing ISE’s Primary Market Makers (PMMs). He replaces Sean Flynn of Timber Hill LLC, who is retiring due to term limits.

In addition, Mark Dehnert, a Partner at Goldman Sachs & Co. responsible for the Quantitative Equities Trading businesses in their Securities Division and previously an ISE industry director representing Electronic Access Members (EAMs), was re-elected to the ISE Board as a Competitive Market Maker (CMM) representative. Slade Winchester, Head of U.S. and international business development, technology and operations for the Citigroup Derivatives Markets, Inc. options market makers and previously an ISE industry director representing CMMs, was re-elected to ISE’s Board as an EAM representative. The following non-industry directors were also re-elected:

Michael Kuhn, Chief Information Officer of Deutsche Börse AG; Michael Monaco, Senior Managing Director of Conway Del Genio Gries & Co., LLC; Joseph Stefanelli, a non-industry director of ISE since 2007, and; Kenneth Vecchione, Chief Operating Officer of Western Alliance Bancorp. Gary Katz, President and Chief Executive Officer of ISE, was re-elected as ISE’s Chief Executive Officer Director.

“On behalf of the ISE Board of Directors, I would like to extend a warm welcome to Stanley Choung. I am confident that with Stanley’s extensive industry experience and his expertise as an options market maker, he will bring valuable perspective to his new role,” said Gary Katz, President and Chief Executive Officer of ISE. “The Board would also like to express its sincere gratitude to Sean Flynn for his guidance and dedication over the six years he served on ISE’s Board.”

Mr. Choung is the Managing Director of the Institutional Equity Division for Morgan Stanley where he has been the Head of the Automated Market Maker group since 2007. Mr. Choung has a M.B.A. in Finance from New York University’s Stern School of Business, a B.S. in Engineering and a B.S. in Economics from The University of Pennsylvania.

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