Edward J. Joyce, former president and chief operating officer of the Chicago Board Options Exchange, is the recipient of this year’s Joseph W. Sullivan Options Industry Achievement Award, to be presented at the 2012 Options Industry Conference in New Orleans, Louisiana. He was unavailable for an interview, so JLN Options spoke with just a few of the many people in the options industry who have known him since way back when, and they shared some of their impressions and memories.
ED BOYLE, Business Development at Getco LLC:
I started working on the CBOE trading floor in 1981 and Ed was always one of the first go-to guys when we had issue to resolve or you wanted someone to discuss an idea or initiative to grow the business. I worked closely with him while participating on numerous exchange committees and later in both of our careers when I became a member of the Options Clearing Corporations Board of Directors on which Ed served for years and I represented the NYSE.
Ed was always fair, straightforward and open-minded. I would assume these qualities transferred into his management style and is likely the reason I never heard anyone who worked with Ed or for him (and I have known a few) ever speak negatively about him. He was not a guy looking for the single winning trade but rather to stay consistent and continually put small wins on the board that in the long run have provided the CBOE with a winning model.
Ed was always the guy you wanted to be sitting next to in a meeting or at a dinner party for two reasons, first to hear the continuous whispered humor that always made the meeting entertaining and provided levity in often stressful times and secondly as a voice of reason to bounce things off of before you spoke up. And often if you still felt intimidated or were not sure your thought would be well accepted Ed was always there to voice it for you.
Ed could also seem like the absent minded professor at times, I once remember traveling in a rental car with him while at an industry event in Arizona. We got into a very animated conversation over a recent rule proposal that could possibly have significant impact to the U.S. Options business. There were three of us in the car and Ed was driving, I was in the backseat with another colleague in the front. Suddenly in the middle of this very engaging debate I realized Ed had turned completely sideways in his seat and was gesturing wildly with BOTH hands while trying to get a point across to the two of us. He had simply found the debate to be much more important than piloting the car down the road. We laughed about that one all weekend.
GARY KATZ, President and CEO of the International Securities Exchange:
Ed Joyce and I served on the Board of The Options Clearing Corporation together for over ten years. Although we spent the majority of our time competing head-to-head every day for business, these Board meetings afforded the opportunity to get to know each other on a more personal level.
While most people in the industry know of Ed’s business achievements, not everyone knows that he is also one of the funniest individuals in options. At our winter OCC Board meeting, he would act as the emcee for an annual award presentation welcoming new Board members and thanking departing members. His witty comments on the industry, personalities, and the hotel brought Board members and their guests to tears.
Ed’s first concern was always for people, whether carrying the flag for the individuals working at OCC or CBOE, or working in his private life on behalf of a range of philanthropic organizations. I was most impressed by Ed when he received the Lifetime Achievement Award from the Anti-Defamation League. That honor exemplified the integrity and compassion that Ed brought to both his professional and personal endeavors, and seeing him applauded by his colleagues and family together was truly a special occasion.
BILL BRODSKY, CBOE Holdings Chairman and CEO:
I first met Ed Joyce in the mid-1990s when I was CEO of the CME. I was a guest speaker at an Options Clearing Corporation dinner, and I had the pleasure of meeting Ed for the first time at that event. I recall thinking what a warm and wonderful gentleman he was. I also appreciated his sense of humor. Little did I know then that we’d be working together, elbow to elbow, within five years.
Ed and I worked together on countless initiatives over the years, but two stand out from the rest. The first initiative involved moving CBOE to a more electronic marketplace, a highly contentious issue within CBOE’s member ranks. We partnered on various aspects of the plan, and Ed was particularly adept at dealing with the politics of the membership. Working toward the resolution of the CBOT’s exercise right was another significant joint effort. Ed had long-standing relationships with CBOT leaders and was an integral part of that negotiation.
Ed set an outstanding example as a tireless worker. This was one of the qualities that gained him a reservoir of respect from CBOE’s staff and executives and from peers at other exchanges and at our member firms. Ed also possessed the ability to get things done both in the course of a normal day — balancing a lot of balls expertly — and in emergencies.
I don’t know how religious Ed is, but I can say he was “religious” about two yearly events in particular – St. Patrick’s Day and Sox Opening Day. In fact, when CBOE first entered into a sponsorship with the Chicago Cubs, one of the perks involved throwing out the first ball. I suggested to Ed that he might like to be CBOE’s pitcher, and he politely declined, saying that he wouldn’t be allowed back in his South Side Chicago neighborhood if he stood on the Cubs mound.