 He has held a number of elected and appointed positions in the foreign exchange industry, including as a member of the Board of Governors of the Philadelphia Stock Exchange, as vice chairman of the Foreign Exchange Options Committee of that exchange, as a member of the Ad Hoc Federal Reserve Option Committee, as a member of the Advisory Committee of the Chicago Board Options Exchange and as a Director of the Philadelphia Board of Trade.Lipschutz left Salomon Brothers, briefly opting for early retirement.In 1990 Lipschutz went to work as the President and CEO for the North Tower Group, a subsidiary of the Merrill Lynch Corporation.