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Mr. Riley built from scratch an Amex specialist unit which grew over time until at his retirement from floor trading. During his tenure, he had responsibility for over a hundred employees and he oversaw the introduction and managed the risk of many innovative derivative products.

Michael Riley has been involved in the listed derivatives market since its inception in April 1973, working on the new trading floor of the CBOE in the summers of 1973 through 1977 while attending the University of Connecticut.  At UConn, Mr Riley helped introduce the finance department's derivatives analysis section in the School of Business. Upon graduation in 1978, Michael joined Paine Webber in their newly formed retail listed options department. Michael was quickly promoted to vice president in charge of the retail  and small institutional  options trading and positioning desks.  In 1981 Michael participated in planning and implementing one of the first index arbitrage and programmed trades, crossing the CBOE's OEX index (as proposed, later the S&P 100) versus the first listed stock index index future The Value Line Index (the Kansas City Board of Trade). 

In 1982, Michael left Paine Webber to trade for one of the very few “conversion-reversal arbitrage firms", for which he traded Merrill Lynch and XMI on the American Stock Exchange. In 1984, NYSE specialist firm Walter Frank&Co hired Michael to develop their nascent options trading effort in NYA and various index arbitrage and equity options arbitrage. In 1986, Michael was back at the Amex, this time at GHM, where he worked with Gary Herman to help develop risk management procedures and a training regimen for younger traders. Michael acted as lead specialist in some of the world's most active individual and index options. At GHM, Michael participated in pricing and consulting on hybrid products such as primes and scores and equity rights and warrants. Michael continued with GHM, until 1995.

In 1995, Mr. Riley joined LETCO, the renowned Chicago-based derivative specialists. LETCO was the largest trading group on the largest exchange, and Michael was hired to drive their expansion into New York.  Mr. Riley built a 10 person 13 product specialist unit into four separate divisions comprising over 100 employees. Product groups included options trading, equities, bond, and equity index specialists, exchange traded funds, structured products, and market making. All reported to Mr. Riley. Letco Specialists LP, as the unit came to be named, was well known for its trading in American Express, Texaco, and Yahoo.  Letco Specialists LP was acquired along with the rest of LETCO and Stafford Trading in 2002 by Toronto Dominion Bank.  Michael was appointed managing director at TD Options LLC, where he was in charge of U.S. east coast listed option trading with 150 traders reporting to him. TD Options LLC managed 345 equity option classes, 50 equities, ETF arbitrage, and index option trading.

Michael retired in late 2002 and moved to Rhode Island, where he traded for his own account until 2005. In 2005 he formed Coastal Management Group LLC with Daniel Mintz and Gary Herman. Coastal management Group LLC  formed the hedge fund Narraganset Fund and (NMSF LLC) in June 2006. Narragansett Fund won national recognition in 2007 and 2008 with Lipper Analytical Reuters Awards for best performing Multi Strategy Hedge Fund in the United States.  Michael is married and has three children. He has a series 65 license and is a member at the Providence Society of Security Analysts. Michael is on the advisory boards of Telemark, Exceed Investments, and the founder of RIHFA.  Michael enjoys poker, board games, and puzzles, and is a member of the Rhode Island and American Mensa Clubs.