Dr. Menachem Brenner
David Eisner
Ivers W. Riley

Advisory Board


Dr. Menachem Brenner


Professor Menachem Brenner is an international expert in derivative markets.  He is the co-inventor of the volatility index concept, and his methodologies ultimately became the basis for the VIX.

Dr. Brenner currently works as a finance professor at the Leonard N. Stern School of Business at New York University, a position he has held since 1990.  He serves as the director of the Masters in Global Finance Program, a joint venture between the Hong Kong University of Science and Technology’s Business School and NYU Stern. His areas of research include derivatives, hedging, option pricing, and stock market volatility.

Dr. Brenner is a regular contributor to leading journals in finance and economics and acts as a senior advisor to stock exchanges, banks and other major financial institutions.

Concurrent with his professorship at NYU, Dr. Brenner’s other roles have included:

  • 2003 – Present: Governing Board Member, International Association of Financial Engineers
  • 2013 – Present: Chairman, Scientific Committee of International Risk Management Conference
  • 2006 – 2012: Member, Deutsche Bank Prize in Financial Economics nominating committee
  • 200 – 2, 3, 5 – 9: Member, European Finance Association program committee
  • 2002 – 2004: Member, International Securities Exchange nominating committee

Dr. Brenner holds M.A. and Ph.D. degrees in Finance and Economics from Cornell University and a B.A. degree in Economics from the Hebrew University of Jerusalem. He resides in New York and enjoys endurance racing, including the New York Marathon and the Zurich Ironman.


David F. Eisner


Mr. Eisner formerly served as President & Chief Executive Officer of TheMarkets, LLC, a financial data and software company. Founded by Mr. Eisner and 11 of the world’s leading investment banks in the year 2000, TheMarkets grew to become an essential service to over 2,400 institutional investment management firms worldwide. His success at TheMarkets led to his being named to Institutional Investor’s Online Finance 40 on several occasions, demonstrating recognition of Mr. Eisner as one of the world’s top executives and innovators in financial technology.  TheMarkets was sold to the McGraw-Hill Companies for $300 million in 2011.

Prior to founding TheMarkets, Mr. Eisner founded and served as CEO of iExchange.com.  iExchange was backed by a number of well known early stage investors, including idealab!, Kleiner Perkins, and Capital Z Partners. The firm was sold to Placemark Investments in 2000.

Prior to founding iExchange.com, Mr. Eisner served as Executive Vice President, Office of the Chairman at Jefferies & Company. In that capacity, he oversaw the corporate finance, high yield finance and international business units of the firm.  He also served as Chairman of the Underwriting and Risk Committees, and oversaw direct proprietary investment activity. Among other accomplishments, Mr. Eisner led Jefferies’ successful efforts to take public its wholly-owned subsidiary, ITG. During his tenure, Jefferies’ market capitalization grew from $70 million to $1.5 billion.

Mr. Eisner began his career as an attorney at the law firm Fried, Frank, Harris, Shriver & Jacobson.

Mr. Eisner received his B.S. with a double major in Accounting and Government from American University in 1979.  He earned a J.D. in 1982 from Boston University where he was an Editor of the American Journal of Law and Medicine.

Mr. Eisner lives in New York City and Westport, CT with his wife, Karen. He has two sons.


Ivers W. Riley


Ivers Riley, who passed away in early 2015, had a hand in almost every transformative moment involving listed equity derivatives since their inception in the 1970s. He played a key role in milestones as diverse as the approval of listed puts, the creation of the Options Clearing Corporation, the development of ETFs, and the advent of electronic trading. Investors the world over benefit from the high level of transparency and liquidity that his efforts put into motion over the last several decades.

I was lucky to have known Ivers personally and consider it a privilege that he served as an active advisor and advocate for Exceed Investments. Ivers remains an inspiration to us and his input will always be a part of Exceed’s DNA.

Joseph Halpern

Mr. Riley held several senior level positions in the financial services industry and is regarded as a worldwide leader in the derivatives sector. In 2005, Mr. Riley became a member of the FIA Futures Industry Hall of Fame as well as the recipient of the Options Industry Lifetime Achievement Award.

Mr. Riley served as chairman of ISE during the years of 2002 through 2005. Until the end of 2001, he served as a member of the Executive Committee of the International Options Market Association (IOMA), where he was formerly President, from 1997 through 1998.

From 1994 to 1997, and from 1999 to 2000, Mr. Riley was Chief Executive of the Hong Kong Futures Exchange and Chairman of the HKFE Clearing Corporation. From 1986 to 1993, he was Senior Executive Vice President of the American Stock Exchange (AMEX) in charge of all derivatives activity. While at AMEX, Mr. Riley was the driving force in the development and introduction of SPDRs®, the original ETF and one of the most successful derivative products traded on any exchange.

From 1983 to 1986 he was Executive Vice President of the New York Stock Exchange, in charge of the options division. Previously, Mr. Riley was a founding partner of The Options Group, an investment advisory and consulting firm providing computerized support for derivatives dealers and traders. In addition, he was a Senior Vice President of both PaineWebber and the Chicago Board Options Exchange.