William W. Toy is a leading finance

Finance

"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...

 practitioner in the area of equity derivative

Equity derivative

In finance, an equity derivative is a class of derivatives whose value is at least partly derived from one or more underlying equity securities. Options and futures are by far the most common equity derivatives, however there are many other types of equity derivatives that are actively...

s, and a pioneering modeller

Mathematical model

A mathematical model is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed mathematical modeling. Mathematical models are used not only in the natural sciences and engineering disciplines A mathematical model is a...

 in the area of interest rate derivative

Interest rate derivative

An interest rate derivative is a derivative where the underlying asset is the right to pay or receive a notional amount of money at a given interest rate...

s. He is best known as a co-developer of the Black–Derman–Toy model for interest rate- and bond-options

Bond option

In finance, a bond option is an option to buy or sell a bond at a certain price on or before the option expiry date. These instruments are typically traded OTC....

. His roles have included managing director and head of US Equity Derivatives at CDC Capital, Inc. in New York

New York

New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...

, a subsidiary of Caisse des dépôts et consignations

Caisse des dépôts et consignations

The Caisse des Dépôts et Consignations is a French financial organization created in 1816, and part of the government institutions under the control of the Parliament. Augustin De Romanet is the board chairman and chief executive...

, and Vice President in Goldman Sachs

Goldman Sachs

The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

' equity derivatives department. He earned a S.B.

Bachelor of Science

A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...

, S.M.

Master of Science

A Master of Science is a postgraduate academic master's degree awarded by universities in many countries. The degree is typically studied for in the sciences including the social sciences.-Brazil, Argentina and Uruguay:...

 and Ph.D.

Ph.D.

A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...

 (1978; experimental elementary particle physics) at MIT

Massachusetts Institute of Technology

The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...

.