Compensation of Exchanges
The SEC recently ordered the 10 financial markets it regulates to disclose details about key executives' salaries. The exchanges came under pressure to disclose executive compensation after the New York Stock Exchange announced in August that it had paid its chairman, Dick Grasso, $139.5 million in deferred compensation this year. Grasso was paid $12 million in salary and bonuses last year, making him the highest-paid executive of any stock exchange. Here's what has been disclosed: Note: The exchanges have been ordered by share or contract volume. Nasdaq Stock Market 2002 Share Volume: 441.7B
(Web Site) | Name | Title | Compensation | | Hardwick Simmons | CEO | $750,000 salary and a $1.7 million bonus | | | |
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New York Stock Exchange 2002 Share Volume:363.1B (Web Site) | (More details on compensation)
| Name | Title | Compensation | | Robert G. Britz | Co-Chief Operating Officer | $3.77 million salary and bonus in 2002 and $22 million upon retirement | | Catherine R. Kinney | Co-Chief Operating Officer | $3.76 million salary and bonus in 2002 and $22 million upon retirement | | William Johnson | Senior Advisor and Former President | $5.8 million in 2001 and entitled to $6.9 million retirement payout | | Edward Kwalwasser | Executive Vice President | $1.6 million in salary and bonus in 2002 and entitled to a $7.7 million retirement payout | | Richard Bernard | Executive Vice President | earned $1.4 million in 2002 and entitled to a $4.8 million retirement payout | | Richard Edgar | Executive Vice President | earned $1.3 million in 2002 and entitled to a $9.2 million retirement payout | |
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Cincinnati Stock Exchange 2002 Share Volume: 45.9B (Web Site) | (Read Post Article) | Name | Title | Compensation | | David Colker | President and CEO | $550,000 in salary and bonuses and $44,000 in retirement savings contributions in 2003 | |
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Chicago Stock Exchange 2002 Share Volume: 28.1B(Web Site) | Name | Title | Compensation | | David Herron | CEO | $450,000 bonus in 2003, excluding bonuses yet to be determined | |
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American Stock Exchange 2002 Share Volume: 15.7B (Web Site) | Name | Title | Compensation | | Salvatore Sodano | Chairman and CEO | $1 million salary, $1.4 million bonus and $2 million retention bonus in 2002; entitled to $12.4 million in retirement benefits for 2004 | |
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Boston Stock Exchange 2002 Share Volume: 11.3B (Web Site) | Name | Title | Compensation | | Kenneth R. Leibler Jr. | Chairman and CEO | $475,000 salary and $500,000 bonus in 2002 | |
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Pacific Exchange 2002 Share/Contract Volume: 3.2B shares; 85.4M contracts(Web Site) | Name | Title | Compensation | | Philip DeFeo | Chairman CEO | $700,000 salary and a $450,000 bonus in 2002 | |
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Philadelphia Stock Exchange 2002 Share/Contract Volume: 2.4B shares; 88.5M contracts (Web Site) | Name | Title | Compensation | | Meyer S. Frucher | CEO | $600,000 salary and a $300,000 bonus in 2002. He also received a $600,000 loan to be forgiven after three years. | |
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Chicago Board Options Exchange 2002 Contract Volume: 267.6B(Web Site) | Name | Title | Compensation | | William Brodsky | Chairman and CEO | $1.25 million in salary; $250,000 in bonus and $422,800 in pension contributions in 2003 | |
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International Securities Exchange 2002 Contract Volume: 152M
(Web Site) | Name | Title | Compensation | | David Krell | CEO | $600,000 salary and $250,000 bonus in 2002 | |
