The exchanges have also named the other seven initial members who will serve on the joint venture's board of directors.

William Brodsky, CBOE chairman and chief executive officer, says: "The CBOE-CME-CBOT joint venture is an historic development for Chicago, and it was important to find the right person, capable of meeting the many challenges that lie ahead."

Rainer, former chairman of the Commodity Futures Trading Commission (CFTC), is a co-founder and former managing director of Greenwich Capital Markets, Inc., a primary dealer of government securities.

Under Rainer's leadership, the CFTC embarked on unprecedented regulatory reform, including support of the Commodity Futures Modernisation Act of 2000, which allows the introduction of single-stock futures later this year.

Prior to his CFTC appointment in 1999, Rainer was chairman of the United States Enrichment Corporation from 1994 until 1998. He has also held positions at Kidder, Peabody & Co.

The seven remaining appointees who will be joining Rainer to serve on the CBOE-CME-CBOT joint venture's board are William Brodsky, chairman and chief executive officer, CBOE, Scott Gordon, chairman of the board, CME, Mark Duffy, vice chairman, CBOE, James McNulty, president and chief executive officer, CME, Leo Melamed, chairman Emeritus and senior policy advisor, CME, Ed Joyce, president and chief operating officer, CBOE and David Vitale, president and chief executive officer, CBOT.

The Chicago exchanges joint venture is to be a for-profit company, separately organised as a regulated exchange. Single-stock futures will be traded electronically on the joint venture exchange, and orders may be entered through both the new CBOEdirect electronic platform and CME's Globex 2 electronic trading system. CBOT traders will have full access to trade the products, adding to the market's liquidity.