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Timothy Hendricks

Founder, Senior Managing Partner

Timothy Hendricks is the founder and Senior Managing Partner of X-Change Financial Access, LLC. Mr. Hendricks formed XFA in 2001 and has actively participated in defining its vision since inception. He currently sits on XFA’s Executive Committee, which oversees the strategic initiatives of the firm. Mr. Hendricks has over 30 years of experience in the financial services industry. An active member of the Chicago Mercantile Exchange, now part of CME Group, he has been a driving force in the growth and oversight of the Standard & Poor’s 500 Index futures option product, serving as Chairman of the CME S&P Committee for the past 18 years. Mr. Hendricks has participated actively in exchange dispute resolution, serving many years on the Probable Cause Arbitration Committee as well as the CME Business Conduct Committee.

Mr. Hendricks is also a partner in the firm TH Brokerage, LLC, a leading options brokerage specialist. Mr. Hendricks has been one of the volume leaders  in brokerage in the S&P options pit for over a decade, serving a vast global client base. He is active in many charitable foundations and financial services industry associations and serves as a director of several privately owned companies.

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Peter Scheffler

Managing Partner

Peter Scheffler joined XFA as a Managing Partner in 2002 and serves on the firm’s Executive Committee. With over two decades of experience in the financial services industry, he specializes in the brokerage and execution of exchange-traded derivatives on the CME. Mr. Scheffler oversees XFA’s floor operations on CME and directly manages XFA’s S&P 500 options on futures execution desk, which has often been the largest volume producer in the S&P product. Prior to joining XFA, Mr. Scheffler began his career in 1990 working for International Futures Options & Associates, LLC, in various positions in the Swiss franc, Deutsche mark and S&P trading pits. He was Vice President of equity-trading floor operations for Cargill Investor Services from 1992 to 1996. Mr. Scheffler also served as Vice President of the CME trading-floor operations for BNP Paribas Brokerage Services from 1996 to 2001.

Mr. Scheffler graduated from Loyola University of Chicago in 1991 with a BBA in Economics and earned an MBA from DePaul University in 2001. He has been active on many CME Committees, including the SPX Options Committee, and participates in a variety of community organizations.

Mr. Scheffler is actively involved with St. Anne Catholic School and Parish in Barrington and serves on the finance and school committees.

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William Ellington

Managing Partner

William “Duke” Ellington joined XFA as a Managing Partner in 2003 to establish and grow XFA’s equity derivatives business at the Chicago Board Options Exchange (CBOE). He currently directs XFA’s equity operations on all U.S. Exchanges and serves on XFA’s Executive Committee. Mr. Ellington has over 37 years of experience in the financial services industry. Mr. Ellington’s career began in 1981 as a floor runner for PaineWebber at the CBOE. He remained with PaineWebber for over 20 years, serving in several management positions, including Head of Operations at the CBOE. When UBS acquired PaineWebber in 2001, Mr. Ellington continued in that role. Subsequently, when UBS decided to exit its CBOE floor business, Mr. Ellington managed the transfer of operations and customer business to XFA, where he has built the business into one of the largest brokerage of index and equity options at CBOE.

Mr. Ellington has been active in Exchange governance through his service on several CBOE committees, including Equity Floor, Index Market Performance and Allocation and Financial Planning. He also served for five years on the CBOE’s Facilities Committee and chaired the Committee for two of those years. Formerly, Mr. Ellington served on the CBOE Advisory Board.

In 1998, Mr. Ellington completed the Elmhurst Management Program at Elmhurst College with a Bachelor of Science focusing on Business Administration, Management and Operations.

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Alex McCallum

Managing Director

Alex McCallum began his career in 1994 at the Philadelphia Stock Exchange as a runner for Chicago Corp. After 2 years of working for Chicago Corp., Alex accepted a position as an institutional phone clerk for D&D Securities.

In January of 2000, Alex accepted a job in Chicago at the CBOE working for Investec Ernst & Co. as an executing broker in the SPX Pit. In September of 2011, Alex joined XFA along with Michael Hayes as a team executing orders in the SPX. In July of 2018 Alex accepted a partnership interest in XFA.

Alex is actively involved with numerous charities benefiting children, including St. Jude, Boys & Girls Club, Mercy Home for Boys & Girls and Robert & Ann Lurie Children’s Hospital.

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Brian Krchmery

Managing Director

Brian Krchmery is a Managing Director at XFA and has been with the Firm over 13 years as a Broker in the SPX pit. Brian has over 22 years of experience at the CBOE and 18 years as a Broker. Brian began his career in the OEX pit as a Clerk for Bear Stearns.

Brian holds a degree in Finance from Northern Illinois University. Brian actively supports St. Jude Children’s Research Hospital as well as various animal rescues.

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Joe Butler

Managing Director

Shortly after graduating from Northern Illinois University in 1995, Joe Butler began his options, career at the CBOE as a clerk in the OEX Pit.

After 3 years in the OEX Pit, Joe accepted a position as a market maker in the SPX Pit for Arbitrage.  Joe left Arbitrage in 2000 to work for BNP as an executing broker in the SPX.

In 2014, Joe joined XFA to manage a large team of brokers and support staff in the SPX Pit. In July of 2018 Joe accepted a partnership interest in XFA.  Joe has been involved in various exchange committees and is currently on the CBOE SPX  Advisory Committee.

Joe actively supports St. Jude Children’s Hospital and is active in many of their philanthropic endeavors.

John P. Justic

Managing Director

John P. Justic began his career in 1989 as a runner for Chicago Corp. in the OEX pit at the Chicago Board Options Exchange. After three years of working as both a runner and a clerk for Chicago Corp., John took a position clerking in the OEX for Mike McGuire, the owner of Bullwinkle Trading. John quickly advanced to the role of trader in the OEX.

In 1995, John decided to work on the other end of things as a broker. He was a broker for Investec for six years in the OEX, QQQs, and DOW pits. Following his time at EDF Mann, John joined Mike Hayes and Alex McCallum in the SPX. Their partnership led to the formation of an SPX operation managing over fifteen people and becoming part of XFA in 2011.

John and his family are actively involved with numerous charities benefiting children, including St. Jude and Robert & Ann Lurie Children’s Hospital.

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Michael Hayes

Managing Director

In September of 2011, Michael Hayes joined XFA along with his partners John Justic and Alex McCallum with their team of 19 brokers and clerks. Michael is a Managing Director at XFA and oversees SPX operations. Michael has over 20 years of experience in the SPX. Michael is active on many CBOE committees, including the SPX Floor Procedure, Floor Officials, and various arbitration panels.

Michael graduated with an AB Degree in Philosophy from the University of Illinois at Urbana-Champaign as an Evans Scholar. Michael is an avid golfer and enjoys coaching youth baseball.

Bill Looney

Managing Director, Head of Global Business Development

Bill Looney is Managing Director at X-Change Financial Access (XFA), an agency broker/dealer established to provide execution trade services for listed exchange-traded Derivatives and Futures contracts.  Bill joined the firm in May of 2019 and is responsible for XFA’s Business Development initiatives and efforts globally.  His primary responsibilities include Customer Relationship Management and oversight of the firm’s various Strategic initiatives.  Also, in 2019, Bill was appointed by the CBOE Board of Directors to join the CBOE Advisory Board.

Prior to joining XFA, Bill was Vice President and Head of Index Options for Cboe Global Markets.  The Index Option business is Cboe’s largest top-line revenue unit.  Under his management, the business achieved back to back record results for 2017 and 2018.  The product suite includes S&P 500 options, VIX options, Russell 2000 options, and MSCI options.  His prior roles at Cboe included managing the firms New York office where he served as lead account manager to all Global Investment Banks.  Initially, Bill served in Global Business Development for the Buy-Side customer base.

Before joining Cboe, Bill spent 10+ years in Institutional Equity Derivatives Sales and Trading.  He held posts at Citigroup, Credit Suisse and Alliance Bernstein and his account base included Hedge Funds and Asset Managers engaged in directional and volatility-based options trading strategies.

Bill’s career began at Salomon Smith Barney.  First in Fixed Income sales and trading on the Treasuries and Agencies desk.  Subsequently, he moved into Structured Equity and Index linked product sales and served as an Equity Derivatives strategist to the Smith Barney Wealth management division.

Bill graduated with honors from the George Mason University School of Business.  While there, he was an NCAA Division I scholarship athlete on the Men’s Golf Team.  Bill currently resides in New Jersey and remains a competitive amateur golfer and is an FAA licensed Private Pilot.

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Salvatore Aiello

Managing Director

Salvatore Aiello joined XFA as a Managing Director in 2005 to grow and oversee XFA’s Standard & Poor’s 500 Index options (SPX) operations at CBOE. Mr. Aiello has over 20 years of experience in the financial services industry and has been instrumental in the product development of the SPX, serving many years on CBOE’s SPX Floor Procedure Committee, including several years as Vice-Chairman. Since joining XFA, Mr. Aiello has significantly elevated XFA’s SPX market share and has made XFA the CBOE leader in index execution volume for the past several years. Since 2008, XFA has executed approximately 20% of the contracts traded in the SPX. Mr. Aiello spent 10 years in derivatives execution with Citigroup, and was Vice President of the firm’s CBOE SPX Operations just prior to joining XFA. Previously, Mr. Aiello worked in various floor execution operations for CBOE, Raymond James and Lakeshore. Mr. Aiello is active in many charitable foundations and community affairs, presently serving as Vice-Chairman of a private school board.

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Peter Brown

Managing Director

Peter Brown joined XFA in 2002 to expand XFA’s operations into equity derivatives on CBOE. He became a Managing Director of XFA in 2003 and was charged with overseeing XFA’s CBOE Standard & Poor’s 500 Index options desk. Mr. Brown currently participates in the oversight of XFA’s SPX operation and manages a large global institutional customer base. With over 30 years of experience in the financial services industry, he has been very active in CBOE Committees, including Business Conduct, SPX Floor Procedures, Financial Planning, Marketing, and the CBOE PAC Board. Prior to joining XFA, Mr. Brown was a Vice President of Merrill Lynch, overseeing its CBOE OEX Operations. He also served in a variety of other positions with Merrill through the years, including a Customer Account Executive and Lead Broker for the CBOE Equity Division. Mr. Brown is very active in charitable foundations and community organizations. He currently serves on the boards of directors of the Mulliganeers, a large Chicago charitable organization helping local families; St. Jude’s Children’s Research Hospital Fundraising Committee, and the Quincy University Board of Trustees. He earned his bachelor’s degree from Quincy University in Business Management.

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Edward Lynn

Managing Director-AMEX Floor Operations

Edward Lynn is XFA’s Managing Director and is responsible for overseeing all aspects of the AMEX floor operations. Prior to joining XFA in 2010, Mr. Lynn spent nearly 30 years with PaineWebber and subsequently UBS Financial Services. He began his career on the American Stock Exchange in 1982. After leaving the trading floor in 1985, Mr. Lynn assumed many managerial roles, eventually assuming the position of Equity Product Manager for UBS Financial Services, responsible for all equity-related execution businesses including cash equities, listed options, futures and precious metals. Mr. Lynn has served on a multitude of industry committees, including the CBOE Financial Planning Committee, the CBOE Business Conduct Committee, the CBOE and American Stock Exchange Retail Advisory Committees as well as being a member of the SIFMA Options Committee. Mr. Lynn holds a B.A. degree from Adelphi University in New York.

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Dr. Philippa Malmgren


Dr. Philippa Malmgren helps companies, investors and policymakers better understand how risk and prices will change the economic landscape in future. She connects the dots, bringing together insights about markets, politics, policy and geopolitics that signal important and investable trends. Dr. Malmgren’s clients include many investment banks, fund managers and hedge funds as well as Sovereign Wealth Funds, pension funds, global corporations and family offices.

She is a frequent guest on the BBC’s Today Program, Newsnight, a guest anchor on CNBC’s Squawk Box. She speaks at conferences across a wide range of industries on behalf of The Economist, Institutional Investor, CNBC and diverse global firms.

She served as financial market advisor to the President in the White House and on the National Economic Council from 2001-2002. She worked in financial markets serving as the Deputy Head of Global Strategy at UBS and the Chief Currency Strategist for Bankers Trust. She headed the Global Investment Management business for Bankers Trust in Asia. From until 2003 until 2010 she was a senior advisor Deustche Bank.

Dr. Malmgren has been a visiting lecturer at Tsinghua University in Beijing and an occasional lecturer for INSEAD and the Duke Fuqua Global Executive MBA Program. In 2000 The World Economic Forum named Dr. Malmgren a Global Leader for Tomorrow. She serves on the Advisory Board for MIT’s Legatum Institute and Indiana University’s School of Public and Environmental Affairs. She is a Governor and member of the Council of Management of the Ditchley Foundation in the UK. She participated in Fortune’s Most Powerful Women in Business in 2013. She is on the British Ministry of Defence Working Group on Global Strategic Trends.

She has a B.A. from Mount Vernon College and a M.Sc. and Ph.D. from the London School of Economics. She completed the Harvard Program on National Security and has a certificate from the 101st Airborne Division’s Sabalauski’s Air Assault School. In 2013 she was the keynote speaker for the London School of Economics graduation ceremony.

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Robert Kosner


Bob Kosner is a Managing Partner of Transcend Investments LLC. A proprietary trading firm located in Chicago and founded in 2006. Prior to Transcend, he was Director of Business Management for TradeLink LLC for 4 1/2 years. At TradeLink, Bob was responsible for Trading Business Development, Trading Management, and all Global Risk Management. Bob was the Chairman of the TradeLink Risk Management Committee. Prior to joining TradeLink, he worked 12 1/2 years at Cargill where he was Global Head of Execution in the Cargill Investor Services FCM Division. He had responsibilities for Global Business Development in Chicago, NY, London, and Singapore offices. He was a member of the CIS Risk Management Committee. He transferred all of the CIS Stock Index customer execution business to Pete Scheffler as a unit savings program. He also introduced Pete Brown to X-FA to build CBOE capabilities. Bob has at one time been a member of the CME, CBOT, CBOE, and CSE in his career. Bob holds a BS in Finance from DePaul University and a MS in Financial Markets and Trading from IIT University. Bob is Series 3, 4, 7, 24, 55, 63 licensed.