Boston Options Exchange said Tuesday has named Tony McCormick, formerly the head of Charles Schwab & Co.'s trade-execution business, as its chief executive.

Boston Options is one of the top options exchange companies. NYSE Euronext and Nasdaq OMX Group Inc. also run options exchanges, whose volume has grown as investors have increasingly looked to hedge their bets amid the market's volatility.

At Schwab, McCormick managed the trade-execution-quality group. Before that he spent 12 years with Harris Futures Corp., including four years as CEO, and was capital markets managing director for Bank of Montreal.

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