WASHINGTON, DC – May 31, 2022 – William J. Brodsky has been named to the Board of Directors of the Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms.
Mr. Brodsky was nominated by President Joseph R. Biden Jr. and confirmed by the United States Senate on May 18, 2022.
“We are pleased to welcome William Brodsky to the SIPC Board,” said SIPC President and CEO Josephine Wang. “Mr. Brodsky’s deep financial experience will be a valuable asset to the investing public and the Board.”
Mr. Brodsky said, “It is an honor to serve on behalf of the investing public. I look forward to working with my fellow Directors in ensuring that the mandate of the Securities Investor Protection Act is carried out to its fullest.”
Mr. Brodsky has worked at four major exchanges including the New York Stock Exchange, the American Stock Exchange, the Chicago Mercantile Exchange where he was President and CEO from 1985 to 1997, and the Chicago Board Options Exchange, where he was CEO from 1997 to 2013 and Chairman from 2013 until 2017. He also served on the boards of the Options Clearing Corporation and the Futures Industry Association. In his various roles, Mr. Brodsky was the options industry’s leading advocate in shaping market policy and regulation and oversaw a period of tremendous growth as well as product and technological innovation. In October 2008, having previously served as its Vice Chairman, Mr. Brodsky was named Chairman of the World Federation of Exchanges, a global body of more than 60 of the leading exchanges of the world. He also served for more than ten years on the International Capital Markets Advisory Committee of the Federal Reserve Bank of New York.
Mr. Brodsky is a trustee of Syracuse University and a life Trustee of Northwestern Medical Healthcare. He is Chairman of the Board of Navy Pier, Inc., and the Chairman of Cedar Street Asset Management, Options Solutions and Redmont Wealth Advisors.
SIPC’s Board of Directors has seven members, five of whom are appointed by the President of the United States and confirmed by the Senate. The U.S. Treasury and the Federal Reserve each appoint a Director to the Board. Directors are appointed for a term of three years.
Created by Congress, SIPC was established as a nonprofit under the Securities Investor Protection Act of 1970. It was tasked with creating and administering a fund that would be used to restore investors’ missing assets in the event of a brokerage firm failure. Since 1971, through 330 liquidation proceedings, SIPC has distributed more than $140 billion for the benefit of more than 773,000 investors who otherwise might have lost their life savings.