Edward T. Tilly

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Edward T. Tilly
Edward Tilly Chairman President and Chief Executive Officer.jpg
Occupation Former Chief Executive Officer, Chairman and President
Employer Cboe
Location Chicago
Website www.cboe.com

Edward T. Tilly is a former options trader and exchange executive who was the chief executive officer of Cboe Global Markets, Inc. from 2013 to 2023. He assumed the additional role of chairman on February 28, 2017 with the close of the Cboe acquisition of Bats Global Markets, Inc, replacing former chairman William Brodsky.[1]

Tilly resigned from the company in September of 2023 "following the conclusion of an investigation led by the Board of Directors and outside independent counsel that was launched in late August 2023," Cboe said in a press release. The release added, "The Board of Directors determined that Mr. Tilly did not disclose personal relationships with colleagues, which violated Cboe's policies..." [2] Tilly's resignation corresponded with the end of his two-year term as chairman of the World Federation of Exchanges.[3]


Before being named chief executive officer in 2013, Tilly was the company's president and chief operating officer (COO) from November 2011 thru May 2013. He served as CBOE's executive vice chairman from 2006 to 2011 and held the highest member-elected position at the exchange as CBOE's member vice chairman from 2004 to 2006.[4]

Tilly came to CBOE as a trading floor clerk in 1987 and became a floor trader and CBOE member in 1989. He traded as both a market maker and a designated primary market maker (DPM) until joining CBOE's executive management team in 2006.

As a CBOE member, Tilly served on the board of directors from 1998 to 2000 and again from 2003 to 2006 and chaired the CBOE Floor Directors Committee from 2004 to 2006. He was also a member of the Executive, Compensation and Governance Committees, key committees of the CBOE board of directors.

Tilly currently serves on the board of directors for Northwestern Memorial HealthCare and Working in the Schools and on the Board of Visitors of the Weinberg College of Arts and Sciences at Northwestern University. He previously served on the board of the OCC. Tilly is a member of the Economic Club of Chicago and the Chicago Club.

On September 9, 2021 Cboe Global Markets announced that Tilly had been appointed chairman of the World Federation of Exchanges (WFE).[5]


Tilly received his B.A. degree in economics from Northwestern University.

John Lothian News Interviews[edit]

The Need for a Better Dialogue with Regulators - Ed Tilly, Cboe

In this video from JLN’s Industry Leader Series, Cboe Global Markets Chairman, President and CEO Ed Tilly talks about why the Transaction Fee Pilot is a misguided effort in search of a problem, specifically raising the issue of why such a plan does not address the boom in dark pool trading. Tilly also addresses Cboe nearing the end of the Bats technology integration and gives an outlook for the exchange’s asset classes in 2019.

Taking the Reins: CBOE’s Ed Tilly Makes The Transition to CEO

It has been half a year since Ed Tilly took over as CEO of the CBOE from Bill Brodsky, who moved to the newly created role of executive chairman.

With six months under his belt, John Lothian News Publisher John Lothian sat down with him to talk about his new job, new initiatives from the CBOE and the challenges facing the industry.[6]

Getting Shorter: CBOE’s Ed Tilly Introduces Short-term VIX and Industry Taxes

In Part 2 of this interview, Tilly talks about the CBOE extending the VIX trading hours to access trading from European traders and how he expects the VIX will someday be open the same hours as the CME’s Globex S&P 500 futures.

He also talked about the CBOE’s new VXST short-term VIX contract, which will offer traders a much more sensitive instrument to be able to trade short-term events.

He spoke about the meeting the industry had with the chairman of the SEC about problems that have plagued the markets in recent months.

Lastly, he spoke about the impact of the Camp Proposal, a piece of proposed legislation from Rep. Dave Camp (R-MI), a member of the House Committee on Ways & Means, that could have a big impact on the options business and its customers. Camp’s proposal includes several provisions that would change the tax treatment for strategies used in options trading. Some believe it could severely harm the listed options business in the United States.[7]

Ed Tilly spoke to John Lothian News at FIA Boca 2022 for the JLN Industry Leaders video series.

MarketsWiki Education Videos[edit]

Ed Tilly – Staying Ahead of the Technology Curve

In this video from MarketsWiki Education’s Intern Recruiting event in Chicago, Ed Tilly, chairman and CEO of Cboe Global Markets, discusses how changes in technology force you to adapt to stay ahead of the curve. Tilly breaks down what's going on in the exchange space and how the Cboe has changed over the years. With the explosion of screen trading and the end of open outcry trading, exchanges have had to roll with the punches and make sure customers are happy.  Tilly’s goal is to bring transparency and liquidity to the marketplace


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