Board of Trade Clearing Corporation Elects Three New Members to its Board of Governors; Michael C. Dawley elected Chairman of the Board.

Business Editors

CHICAGO--(BUSINESS WIRE)--Feb. 21, 2002

The Board of Trade Clearing Corporation (the "Clearing Corporation") yesterday elected three new members to its Board of Governors.

The newly constituted Board then elected Michael C. Dawley, of Goldman Sachs & Co., to serve as Chairman of the Board for a one-year term. The Board also elected Joseph J. Murphy, President of Refco, LLC to serve as First Vice Chairman and Michael A. Manning, President and CEO of Rand Financial Services, Inc. to serve as Second Vice Chairman, each for a one-year term. The newly elected members are Kevin Collins of Deutsche Bank Futures Inc., Alex Ladouceur of Prudential Securities Incorporated, and James G. McCormick of TransMarket Group L.L.C. Each new Board member was elected for a three-year term.

Prior to being elected Chairman, Mr. Dawley served as a Governor since February, 2000 and First Vice Chairman of the Clearing Corporation since July, 2001. Mr. Dawley is vice president, Global Co-Head of Futures Services at Goldman Sachs in New York. His responsibilities there have been concentrated in the area of futures and options with a focus on sales, execution, and clearing. Presently, Mr. Dawley oversees Goldman Sachs' global futures business. Prior to joining Goldman Sachs, Mr. Dawley worked on the floor of the Chicago Board of Trade for E.F. Hutton (from 1978-1982) and traded independently.

Mr. Collins has been managing director of Deutsche Bank Futures Inc. since 1999. His 15-plus years in the futures industry include sales positions at BZW (now Barclay's Capital) and the First National Bank of Chicago (now Banc One) in the U.S., Europe and Asia.

Mr. Ladouceur is executive vice president, head of global derivatives at Prudential Securities Incorporated, where he is responsible for Prudential's derivatives operations in New York, Chicago, London and Hamburg. He joined Prudential Securities Incorporated in July, 2001. He has over 15 years of experience in the financial services industry and previously held executive positions at Credit Lyonnais Rouse Ltd.

Mr. McCormick has been with TransMarket Group since 1982 and has served as its President and CEO since 1991. TransMarket Group is a proprietary trading firm with offices in Chicago, New York, London, Paris and Sydney. He began his 30-year career in financial services with Continental Illinois Bank (now Bank of America) and was involved in the bank's opening operations on the London International Financial Futures Exchange (LIFFE).

The Board of Governors is comprised of nine people, each of whom serve three-year terms. Each year, three member representatives are nominated and then voted upon at the annual meeting of stockholders. This year's annual meeting was held yesterday, February 20, 2002.

BOTCC is a registered trademark of the Board of Trade Clearing Corporation. is a registered trademark of the Board of Trade Clearing Corporation.

About The Clearing Corporation

The Clearing Corporation, a Delaware corporation, now in its 77th year of business, maintains a Standard & Poor's AAA rating and approximately $185 million in capital. The Clearing Corporation is owned by its clearing member stockholders and is the only active independent derivatives clearing house in the world. For more information, please visit www.botcc.com.