Ed Kelly: A pillar of Chicago’s world-leading position in global financial options-markets and trading

Edward (“Ed”) Francis Kelly, 73, of Oakbrook, IL, died peacefully on September 18, 2023 with his loving family at his side when the biggest heart this world has ever witnessed simply could beat no more. The angels carried him to Heaven where he was greeted by his loving parents, Edward Robert Kelly and Frances Marie (Burianek) Kelly, along with his brother Patrick John Kelly and his canine companions Reggie and Winston, to welcome him Home.

Ed met and fell in love with his soulmate, Laura (Dorn) Kelly, whom he married in 1987, and together they brought three of their greatest joys into this world: Edward Martin, Anne Marie, and John (“Jack”) Patrick. Ed cherished his family and enjoyed every waking moment he could spend with them. He frequently joked, in his comical, self-deprecating fashion, that he might not have done much in his life, but the love of his wife and three children were his finest achievements.

In fact, Ed did accomplish much in his life although he never sought nor appreciated praise or accolades for his achievements. He courageously fulfilled his duties for his country by serving valiantly during the Vietnam War as part of the U.S. Army’s 66th Transportation Company 53rd Battalion. Upon returning home from duty, the staunch free market Capitalist that he would become started to flourish. Although his formal education had been limited to attending Prosser Vocational High School in Chicago, his academic achievements would excel beyond those of the most pedigreed Ivy League graduates through Ed’s critical focus on self-learning. After reading all he could about stocks, bonds, and all-things Wall Street, he began his career as a floor broker for Ralph W. Davis on Chicago’s Midwest Stock Exchange. In many ways, Ed’s life would become a real-life rags-to-riches Horatio Alger story. In 1973, he was asked to expand Davis’ business beyond stocks to the floor of the fledgling Chicago Board Options Exchange. Without fear, Ed heeded the challenge and became one of the CBOE’s founding members. His courage and pioneering spirit would help the CBOE grow from a mere 911 contracts traded on his first day to over thirteen million in 2022.

Shortly after the CBOE opened, Ed, who had already garnered the reputation on the exchange of being both a “consummate professional” and a “velvet hammer,” was approached by Bob Rubin of Goldman Sachs & Co. (Rubin would later become US Treasury Secretary under President Clinton) who asked Ed to join the firm and build their business at the exchange. Ed was proud of being part of Goldman and for the next twenty years built a floor trading business that exceeded the firm’s wildest expectations and earned him immense respect and admiration throughout the exchange. He would go on to develop the test that new members would have to complete to earn the right to trade on the CBOE, head the Floor Procedures Committee, and later become a long-serving chairman on its Business Conduct Committee. Even after retiring from trading, the Exchange honored Ed by asking him to rejoin the Committee as its first “Public Representative.” He was extremely proud of his fifty-plus year role at the CBOE, and his leadership on the exchange’s various governance boards. His role earned him special recognition throughout the CBOE’s recent 50th anniversary communications.

Ed loved golf and for over forty years cherished his membership at the Oak Park Country Club. Similarly, he was proud of his many years as a member of the Union League Club and all of the patriotic principles it stood for. Ed was a man of principle in a world he feared has grown sparse on principles.

While Ed’s life was successful in so many traditional ways, his life went far beyond the success most ever achieve in a lifetime. Yes, Ed moved markets, created value for clients, helped build one of the world’s most profitable trading exchanges. To Ed, however, this success was not what really matters. As he would so often say, “the fact of the matter is, it’s always nice to be nice.” Ed exhibited the epitome of what philosophers call a virtuous life. Humility to him was natural. Patience, kindness, compassion, courageous conviction, loyalty, and a firm resolve to live ethically and morally was simply the fabric of Ed’s very soul. Never did he see another in need that he did not offer a hand. Never did he observe a tear in one’s eye that he did not offer a tissue. Never did he wither from showing kindness to everyone around him. He was the best friend a person could have, and the truest gentleman that has ever walked this earth.

Ed loved to laugh and brought laughter to all those around him. He earned the respect of everyone that knew him. He left this world a better place because he was here. Through his family and friends, he found joy in life. Through his amazing spirit, he gave joy to all those he met.

He will be sadly missed by his spouse, children, four remaining siblings: Steven, Michael, Gerlyn and Tim, and too many nieces, nephews and grand-nieces and nephews to list. In lieu of flowers, please consider a donation to Guiding Eyes for the Blind. Alternatively, go out of your way to do one unsuspectingly nice deed for another in need. This is what Ed always tried to do.

Visitation 3 to 9pm Thursday, September 21, 2023 at Hallowell & James Funeral Home, 1025 West 55th Street, Countryside.  Everyone is asked to meet Friday September 22, 2023 at St. Cletus Catholic Church, 600 West 55th Street, LaGrange for the Funeral Mass at 10am.  Interment Bronswood Cemetery, Oak Brook.  Funeral home phone 708-352-6500