Michael Gorham is Industry Professor and Director of the IIT Stuart Center for Financial Markets at the Stuart School of Business in the Illinois Institute of Technology. He serves on the board of directors for two exchanges — the CBOE Futures Exchange and the National Commodity and Derivatives Exchange of India. He also serves on the Business Conduct Committees of the Chicago Mercantile Exchange and the National Futures Association and the editorial boards of the GARP Risk Review and of Futures Industry magazine. Nidhi Singh is currently a Vice President at Goldman Sachs. She manages the Client Technology Solutions and product development groups for the for the clearing services in the global Listed Derivatives group. Previously, she was the Vice President of Global Technical Sales at Trading Technologies. She helped to expand their customer base to sell-side firms globally. She provided technical recommendations for integrating TT’s products into customers’ existing trading infrastructure. She began her career at TT as a Senior Product Manager responsible for developing the back-end infrastructure, including exchange connectivity and a FIX API to integrate third party applications. She contributed to the Global Derivatives Business Practices subcommittee of the FIX Protocol standards body. While at TT, she was also an adjunct faculty at the Center for Law and Financial Markets at the Illinois Institute of Technology (IIT). She taught graduate level courses in electronic trading and market infrastructure. She was the Marketing Director for the Center for Law and Financial Markets at IIT, where she helped to develop curriculum for graduate students and continuing education for financial industry professionals. Prior to IIT, she was an Application Architect at the Options Clearing Corporation (OCC). She contributed to new projects in clearing services, risk management, and margin allocation. She worked closely with DTCC, NSCC, various equity options exchanges, and clearing members. She earned an M.S. in Financial Markets from the IIT Stuart School of Business at the Illinois Institute of Technology, where she was one of only two students to publish a paper in the Journal of Global Financial Markets (“Cycles of Fragmentation and Centralization of Equities Markets”). She also holds a BS in Economics from Purdue University.

"Gorham and Singh have expertly sewn together the history of exchanges characterized by four words -- transformation, competition, demutualization and globalization. For both history buffs and those looking toward what the future may hold, Electronic Exchanges is well worth the read." --William J. Brodsky, Chairman & CEO, Chicago Board Options Exchange"Michael Gorham and Nidhi Singh have done a wonderful job. Electronic Exchanges is very informative and pretty much dead spot on." --Harris Brumfield, CEO, Trading Technologies"A thoroughly entertaining insight as to how we got to where we are today from a point where many of us started in this industry. Not only the what and when, but an enlightened rendition of the why." --John McPartland, A key figure in Chicago Finance"This is a wonderfully readable account of the way exchanges have evolved over the years and are continuing to evolve. Strewn with anecdotes, data and analytics, this book brings alive in a vivid and meaningful way the remarkable changes in the world of exchanges. An important book for both the lay reader and the practitioner." --Ravi Narain, CEO, National Stock Exchange of India"The history behind and transformation of exchanges is one of the most colorful components of the financial space. Authors Gorham and Singh have done a great job of catching that color in a form that will be appreciated by the novice as well as exchange veterans. Excellent work and a must read for anyone involved in financial markets." --James E. Newsome, PhD, Board of Directors-CME Group

• Exchanges: an unprecedented era of creative destruction; Back story: What is an exchange?; Transformation of Exchanges; From private club to public company; A new wave of product innovation; From local to global competition; From smaller to larger via mergers and acquisitions; Integration of markets on a single screen; Who is the exchange? The modular exchange and outsourcing; Where is the exchange and regulatory challenges; Implications of the transformation.

Michael Gorham is Industry Professor and Director of the IIT Stuart Center for Financial Markets at the Stuart School of Business in the Illinois Institute of Technology. He serves on the board of directors for two exchanges — the CBOE Futures Exchange and the National Commodity and Derivatives Exchange of India. He also serves on the Business Conduct Committees of the Chicago Mercantile Exchange and the National Futures Association and the editorial boards of the GARP Risk Review and of Futures Industry magazine. Nidhi Singh is currently a Vice President at Goldman Sachs. She manages the Client Technology Solutions and product development groups for the for the clearing services in the global Listed Derivatives group. Previously, she was the Vice President of Global Technical Sales at Trading Technologies. She helped to expand their customer base to sell-side firms globally. She provided technical recommendations for integrating TT’s products into customers’ existing trading infrastructure. She began her career at TT as a Senior Product Manager responsible for developing the back-end infrastructure, including exchange connectivity and a FIX API to integrate third party applications. She contributed to the Global Derivatives Business Practices subcommittee of the FIX Protocol standards body. While at TT, she was also an adjunct faculty at the Center for Law and Financial Markets at the Illinois Institute of Technology (IIT). She taught graduate level courses in electronic trading and market infrastructure. She was the Marketing Director for the Center for Law and Financial Markets at IIT, where she helped to develop curriculum for graduate students and continuing education for financial industry professionals. Prior to IIT, she was an Application Architect at the Options Clearing Corporation (OCC). She contributed to new projects in clearing services, risk management, and margin allocation. She worked closely with DTCC, NSCC, various equity options exchanges, and clearing members. She earned an M.S. in Financial Markets from the IIT Stuart School of Business at the Illinois Institute of Technology, where she was one of only two students to publish a paper in the Journal of Global Financial Markets (“Cycles of Fragmentation and Centralization of Equities Markets”). She also holds a BS in Economics from Purdue University.

"Gorham and Singh have expertly sewn together the history of exchanges characterized by four words -- transformation, competition, demutualization and globalization. For both history buffs and those looking toward what the future may hold, Electronic Exchanges is well worth the read." --William J. Brodsky, Chairman & CEO, Chicago Board Options Exchange"Michael Gorham and Nidhi Singh have done a wonderful job. Electronic Exchanges is very informative and pretty much dead spot on." --Harris Brumfield, CEO, Trading Technologies"A thoroughly entertaining insight as to how we got to where we are today from a point where many of us started in this industry. Not only the what and when, but an enlightened rendition of the why." --John McPartland, A key figure in Chicago Finance"This is a wonderfully readable account of the way exchanges have evolved over the years and are continuing to evolve. Strewn with anecdotes, data and analytics, this book brings alive in a vivid and meaningful way the remarkable changes in the world of exchanges. An important book for both the lay reader and the practitioner." --Ravi Narain, CEO, National Stock Exchange of India"The history behind and transformation of exchanges is one of the most colorful components of the financial space. Authors Gorham and Singh have done a great job of catching that color in a form that will be appreciated by the novice as well as exchange veterans. Excellent work and a must read for anyone involved in financial markets." --James E. Newsome, PhD, Board of Directors-CME Group

• Exchanges: an unprecedented era of creative destruction; Back story: What is an exchange?; Transformation of Exchanges; From private club to public company; A new wave of product innovation; From local to global competition; From smaller to larger via mergers and acquisitions; Integration of markets on a single screen; Who is the exchange? The modular exchange and outsourcing; Where is the exchange and regulatory challenges; Implications of the transformation.

Michael Gorham is Industry Professor and Director of the IIT Stuart Center for Financial Markets at the Stuart School of Business in the Illinois Institute of Technology. He serves on the board of directors for two exchanges — the CBOE Futures Exchange and the National Commodity and Derivatives Exchange of India. He also serves on the Business Conduct Committees of the Chicago Mercantile Exchange and the National Futures Association and the editorial boards of the GARP Risk Review and of Futures Industry magazine. Nidhi Singh is currently a Vice President at Goldman Sachs. She manages the Client Technology Solutions and product development groups for the for the clearing services in the global Listed Derivatives group. Previously, she was the Vice President of Global Technical Sales at Trading Technologies. She helped to expand their customer base to sell-side firms globally. She provided technical recommendations for integrating TT’s products into customers’ existing trading infrastructure. She began her career at TT as a Senior Product Manager responsible for developing the back-end infrastructure, including exchange connectivity and a FIX API to integrate third party applications. She contributed to the Global Derivatives Business Practices subcommittee of the FIX Protocol standards body. While at TT, she was also an adjunct faculty at the Center for Law and Financial Markets at the Illinois Institute of Technology (IIT). She taught graduate level courses in electronic trading and market infrastructure. She was the Marketing Director for the Center for Law and Financial Markets at IIT, where she helped to develop curriculum for graduate students and continuing education for financial industry professionals. Prior to IIT, she was an Application Architect at the Options Clearing Corporation (OCC). She contributed to new projects in clearing services, risk management, and margin allocation. She worked closely with DTCC, NSCC, various equity options exchanges, and clearing members. She earned an M.S. in Financial Markets from the IIT Stuart School of Business at the Illinois Institute of Technology, where she was one of only two students to publish a paper in the Journal of Global Financial Markets (“Cycles of Fragmentation and Centralization of Equities Markets”). She also holds a BS in Economics from Purdue University.

"Gorham and Singh have expertly sewn together the history of exchanges characterized by four words -- transformation, competition, demutualization and globalization. For both history buffs and those looking toward what the future may hold, Electronic Exchanges is well worth the read." --William J. Brodsky, Chairman & CEO, Chicago Board Options Exchange"Michael Gorham and Nidhi Singh have done a wonderful job. Electronic Exchanges is very informative and pretty much dead spot on." --Harris Brumfield, CEO, Trading Technologies"A thoroughly entertaining insight as to how we got to where we are today from a point where many of us started in this industry. Not only the what and when, but an enlightened rendition of the why." --John McPartland, A key figure in Chicago Finance"This is a wonderfully readable account of the way exchanges have evolved over the years and are continuing to evolve. Strewn with anecdotes, data and analytics, this book brings alive in a vivid and meaningful way the remarkable changes in the world of exchanges. An important book for both the lay reader and the practitioner." --Ravi Narain, CEO, National Stock Exchange of India"The history behind and transformation of exchanges is one of the most colorful components of the financial space. Authors Gorham and Singh have done a great job of catching that color in a form that will be appreciated by the novice as well as exchange veterans. Excellent work and a must read for anyone involved in financial markets." --James E. Newsome, PhD, Board of Directors-CME Group

• Exchanges: an unprecedented era of creative destruction; Back story: What is an exchange?; Transformation of Exchanges; From private club to public company; A new wave of product innovation; From local to global competition; From smaller to larger via mergers and acquisitions; Integration of markets on a single screen; Who is the exchange? The modular exchange and outsourcing; Where is the exchange and regulatory challenges; Implications of the transformation.