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ISE Chief Leaving

David Krell will depart.


International Securities Exchange's


president and CEO, David Krell, is retiring.

Krell, 60, will step down Jan. 1. He will remain as the board's chairman. He will replace the current chairman, Frank Jones, a professor at San Jose State University. Jones became chairman last May.

Gary Katz, ISE's chief operating officer, will succeed Krell. Katz, 46, will join the board of directors as well.

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Krell and Katz are co-founders of the 7-year-old exchange and developed ISE into the largest options exchange. The two began working together when Katz joined the

New York Stock Exchange's


options and index products division in 1986, which Krell headed at the time.

In September, the exchange launched the ISE Stock Exchange and launched "MidPoint Match" -- a network that executes orders anonymously at the midpoint price of the national best bid and offer. It launched its fully displayed stock market in December.

ISE also said on Monday that average daily trading volume for equity and index options contracts in March rose 32.4% to a record 2.8 million contracts from a year earlier. Total equity and index options volume for the month increased 26.7% to 62.3 million contracts.

Shares of ISE rose 39 cents to $48.99.