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March 1, 1999

PCX President Resigns After OptiMark Launch

By Michael L. O'Reilly

Warren Langley resigned as president and chief operating officer of the Pacific Exchange (PCX) this month, leaving the exchange just six weeks after helping engineer the launch of the OptiMark Trading System.

Langley was hired by the PCX in 1996 to coordinate the development and implementation of OptiMark, and to manage the exchange's daily operations.

With OptiMark's launch in late January, Langley resigned to pursue other interests.

"When we recruited Warren to get OptiMark running, he said he only intended to stay here two years," said PCX Chairman and Chief Executive Robert Greber. "We knew about his time frame. [His resignation] was not a great shock."

Langley was the PCX's representative in negotiations with OptiMark's parent, Durango, Colo.-based OptiMark Technologies. He organized the system's integration into the exchange trading structure.

Langley was viewed as the catalyst behind OptiMark's structured launch earlier this year. "We wanted a smooth rollout without having to deal with a lot of errors," he said.

Langley was also involved in the PCX's merger negotiations with the Chicago Board Options Exchange (CBOE). The PCX and the CBOE announced their intention to merge last July. The proposed merger failed when the CBOE backed-out of the agreement in December.

"The CBOE was overwhelmed by what it had to do to accomplish the merger," Langley said. "They didn't have the leadership vision to push the deal through."

He said the PCX would continue to look for a merger partner.

Greber recruited Langley to the PCX from Chicago's Hull Trading Company in 1996. Langley had been chairman and COO of the firm. Before joining Hull Trading Company, he was director of corporate research and development at United Airlines. Langley also served in the U.S. Air Force for 19 years.

With a natural interest in market structure and electronic trading, Langley plans to do consulting work. He and his wife, Ann Tonkin, will remain in San Francisco.

At press time, the PCX had not hired a replacement for Langley.