ETFs have become a part of common financial parlance but their success was not a foregone conclusion when a group of innovators from the American Stock Exchange first introduced them. The following is the inside story on the creation of Exchange Traded Funds (ETFs) from the perspective of lvers Riley, the product's founder. From 1986 to 1993, Mr. Riley 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; one of the most successful derivative products traded on any exchange. Currently, Mr. Riley is chairman of the International Securities Exchange NYSE (ISE).
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