Paul Kolton, Leader of Major Exchange, Dies at 87

Mr. Kolton’s tenure at the Amex was spent fending off the idea that the exchange should merge with the New York Stock Exchange. “Two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution,” he said at the beginning of his presidency.
During his tenure, the Amex, to great fanfare, introduced options trading in 1975, two years after the founding of the Chicago Board Options Exchange.
After retiring from the Amex in 1977, Mr. Kolton was chairman of the Financial Accounting Standards Advisory Council and a director of several companies, including Standard Brands and Caldor.