The 2013 WFE Award for Excellence will be awarded to Professor Robert C. Merton, MIT Sloan School of Management, and Professor Myron Scholes, Stanford Graduate School of Business and the late Fischer Black, former director of the Quantitative Strategies Group at Goldman Sachs, in recognition of their development of the groundbreaking Black-Scholes Model in 1973. The WFE Award for Excellence is presented annually in recognition of an outstanding contribution to the advancement of regulated exchange markets. The award acknowledges innovation and advancement leading to greater understanding and better usage of the world's capital markets.