Management Team

John F. Wallace – Chairman, CEO

Before assuming the role of Chairman and CEO of the Delaware Board of Trade, John was the President and Managing Partner of Philadelphia Financial Services, LLC (“PFS”). His company provides consulting services to firms in the financial services industry.

For the majority of his career, John was a senior executive & officer of the Philadelphia Stock Exchange ("PHLX"). John started at the PHLX in 1964, and became a member of the PHLX in 1971. John served as a member of the PHLX Board of Governors from 1984 until August 2008. During his tenure at the PHLX John held several senior positions including Chairman, Vice Chairman and Chief Executive Officer. He traded on all floors of the exchange in the capacity of a specialist/market maker on the options and equity floors, as a floor broker for equities, options, and currencies. In addition to his service as Chairman of the PHLX Options Committee and member of the PHLX Executive Committee, John served on virtually every PHLX Committee and chaired the following PHLX committees: Admissions, Allocation, Arbitration, Elections, Evaluation and Securities, Finance, Long Range Strategic Planning, Marketing, New Product Development and Nominating. John also served as Chairman of the Board of the Stock Clearing Corporation of Philadelphia, Chairman of the Board of the Philadelphia Board of Trade, Chairman of the Board of the Philadelphia Depository Corporation and a board member of the PHLX's technology subsidiary, Advanced Tech Source Company. Over the course of his career in the securities industry, John has also been a member of the Toronto Stock Exchange, a seat owner of the New York Mercantile Exchange as well as registered with the National Futures Association as a floor broker.

On July 24, 2008, the NASDAQ OMX Group, Inc. acquired the PHLX. Following the acquisition, John was Vice Chairman of NASDAQ OMX PHLX.

Upon leaving NASDAQ OMX PHLX, John was a founder of Miami International Holdings, Inc. ("MIH") a company focused on building exchange technology. He served as the President - Chief Executive Officer and was on the board of directors for MIH.

John is a graduate of Franklin & Marshall College in Lancaster, PA. He served for 27 years in the United States Army, the Army Reserve and the Army National Guard; he retired holding the rank of Lieutenant Colonel. John saw active duty in Grenada in 1983 with 1st Special Operations Command and Desert Storm from December 1990 to July 1991 with the Third U.S. Army. He is a graduate of the United States Army Command and General Staff College and the National Emergency Management Institute of the Federal Emergency Management Agency (FEMA).

Joseph Jennings – Chief Financial Officer

Prior to joining the Delaware Board of Trade, Joe was Senior Vice President, Miami International Holdings, Inc., where his responsibilities included the preparation of annual financial statements in accordance with generally accepted accounting principles, the creation of administrative policies and procedures and the coordination of the year-end audits of the Company’s financial statements with management and the Company’s external auditor. Joe also worked directly with senior management and consultants to determine the accounting treatment of complex transactions involving issuance of securities and debt.

Joe spent most of his career at the Philadelphia Stock Exchange (“PHLX or Exchange”) where he rose from the position of Senior Auditor for the Exchange and its subsidiaries, the Stock Clearing Corporation of Philadelphia and the Philadelphia Depository Trust Company, to Vice President and Controller of the PHLX where he directed all general accounting functions of the PHLX to Senior Vice President and CFO of the PHLX from 1987 – 2008. As CFO, Joe was responsible for all accounting, budgeting, payroll and cash management operations. Joe assumed responsibility for Human Resources from 1998 thru 2001.

Joe received his bachelor of science degree in accounting from Drexel University in Philadelphia and is a Certified Public Accountant and Certified Global Management Accountant and is a member of the Pennsylvania Institute of Certified Public Accounts and the American Institute of Certified Public Accountants. Joe is also a graduate of the Securities Industry Institute at Wharton.

Dennis J. Boylan – Chief Operating Officer

Before joining the Delaware Board of Trade Dennis was Managing Director of Philadelphia Financial Services, LLC (“PFS”). PFS provided consulting services to firms in the financial services and investment industry. For the majority of his career, Dennis was an officer with Wallace Securities Corporation, a privately owned company providing brokerage services on the options trading floor of the Philadelphia Stock Exchange (“PHLX”). Dennis was responsible for retail and institutional operations for equity, index, and foreign currency options. During this time, Dennis specialized in Foreign Currency products and worked to transition the operations of Wallace Securities to electronic trading. In 2005 Dennis began working for the PHLX and was responsible for the daily market operations of the Philadelphia Board of Trade (“PBOT”), assisting with new product development, regulatory and operational procedures, market data dissemination, marketing, technology development and membership services.

In 2008, following the PHLX acquisition by the NASDAQ OMX Group, Inc., Dennis worked with a NASDAQ OMX business line, the International Derivatives Clearing Group (“IDCG”), to bring up their Interest Rate Swap futures trading platform using OMX technology. Mr. Boylan was awarded the NASDAQ OMX Chairman's Platinum Award for his work with IDCG.

Dennis received a B.A. in History from LaSalle University in Philadelphia and is a graduate of the Securities Industry Association Securities Industry Institute executive education program of the Wharton School of the University of Pennsylvania.

Dennis served 23 years in the Army Reserve and Army National Guard as a Cavalry and Civil Affairs Officer; deploying twice to Haiti as part of Operation Uphold Democracy in 1994-95.

Ronald Pasternak – President, Delaware Board of Trade

Ronald Pasternak – President, Delaware Board of Trade (DBOT) ATS, LLC. With a broad level of experience, understanding and insight into the cash equities business and a proven track record of tangible results; Ron will focus on the business development & growth of the capabilities of the DBOT ATS. Ron’s experience before joining the Delaware Board of Trade includes senior level OTC trading and sales experience at R.F. Lafferty Inc as SR VP of OTC Trading and market-making operations for over 500+ securities which included listed and OTC stocks. In his role of Sr VP, he regularly interacted with the CEO’s of public companies traded by the firm along with senior traders and managers of institutional and broker –dealer clients. As a Senior VP of Trading & Sales at Rodman & Renshaw (formerly Hudson Securities), from 2006 to 2012, Ron held various senior level management positions including Head of Institutional Sales and Head of Trading. While at Rodman, Ron developed a highly profitable short-term electronic trading model. While president of Direct Edge ECN, he conducted a thorough market analysis of the potential for the new ECN (Electronic Communications Network) market model and moved forward the process to position the new network within the industry. He then led the acquisition team consisting of compliance, finance, technology and operations in the due diligence process under the acquisition of the Attain ECN, which rebranded to Direct Edge. Ron created and implemented, for Direct Edge, an Enhanced Liquidity Provider (EFP) product which allowed a broader access to liquidity and attained trading volumes of 50 million shares per day within a year of implementation.

Form 1995 thru 2002, Ron ranked among the top 5 revenue producers at Knight Securities, functioning as a senior market maker in 400 securities and overseeing, as co-head of trading, 200 personnel. Ron has a BS in Accounting from SUNY Binghamton and currently holds FINRA Series 7, 24, 63 and 55 licenses.

At Knight Capital Group from 2002- 2005, as Director of Trading Technology, Ron worked directly with Knight Senior Management in training and vetting all new technology initiatives. He was involved in all major decisions and implementations of new technologies for the trading platform. These included design and rollout of an automated trading system, managed the testing, training and rollout of Knight developed market-making and quoted managements system. Ron, as the KCG representative participated in the NASDAQ “Blue” teams, tackling new market issues such as the design of opening and closing crosses.

Thomas C Hack, Chief Compliance Officer

Bringing over 16 years of Chief Compliance, & Financial officer experience to the Delaware Board of Trade, Tom has detailed knowledge and understanding of SEC and FINRA regulatory, compliance, and financial standards and reporting requirements. Before joining the Delaware Board of Trade, Tom was the financial and operations principal for Sea Otter Securities, an electronic market-making firm trading Exchange Traded Funds on the ARCA Exchange. At Blue Vase Securities, an institutional option execution broker on the International Securities Exchange, Tom performed the duties of Compliance, Finance and Options Principal for the firm. He developed and implemented policies and procedures focused on ensuring all FINRA, SEC and Exchange directives, rules and policies were effectively implemented. As Chief Financial & Compliance Officer for Cohen Capital Group, Tom supervised the day-to-day operations of both the compliance department and the financial reporting function.

Tom has a BS in Finance from the University of Illinois, is a graduate of the College of Financial Planning and holds FINRA Series 7, 63,55,24,27,4,9/10,14 & 53 licenses.

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