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JOHN F. 'JACK' SANDNER RE-ELECTED CHAIRMAN OF CME BOARD FOR NEW 2-YEAR TERM

 JOHN F. 'JACK' SANDNER RE-ELECTED CHAIRMAN
 OF CME BOARD FOR NEW 2-YEAR TERM
 CHICAGO, Jan. 22 /PRNewswire/ -- John F. "Jack" Sandner, who has served a record seven terms as chairman of the Chicago Mercantile Exchange, was re-elected today by the board of governors. Sandner becomes the first chairman chosen to serve a two-year term under new CME rules approved by the board last year.
 "I am deeply honored to hold the confidence of the governors and members of the Chicago Mercantile Exchange," Sandner said. "During my new term as chairman, I plan to carry forward initiatives begun in 1991 to ensure that the CME remains the most important and innovative center of risk management in the world."
 Sandner served as chairman of the CME from 1980 through 1982, from 1986 through 1988 and again in 1991 when CME rules limited a chairman to three consecutive one-year terms. Last year, upon the recommendation of a special committee on governance, the board approved lengthening the chairman's term to
two years. Sandner will also continue to serve as chairman of the executive committee.
 The board of governors comprises 24 elected representatives of the three divisions of the exchange (The CME Division; The International Monetary Market (IMM) Division and the Index and Option Market (IOM) Division), as well as eight appointed public and industry governors.
 Other officers elected today at the board's annual organizational meeting are:
 -- Girard G. Miller, vice chairman
 -- James Oliff, second vice chairman
 -- M. Scott Gordon, secretary
 -- Gordon J. McClendon, treasurer
 "The combined leadership experience of Jack Sandner and these officers is well over a century," said William J. Brodsky, CME president and CEO. "The Chicago Mercantile Exchange places a high value on the continuity of its leadership, which has, in turn, afforded our exchange a leadership role in the financial risk management industry."
 The board also ratified the re-appointment of four public and industry governors to two-year terms. They are: Robert J. Birnbaum, special counsel for the New York law firm Dechert Price and Rhoads and former president of both the American and New York Stock Exchanges; Merton H. Miller, the Robert R. McCormick Distinguished Service Professor of Finance at the Graduate School of Business, University of Chicago, and co-winner of the 1990 Nobel Prize in Economics; Robert B. Feduniak, managing director of Morgan Stanley and Co., New York, and Louis I. Margolis, executive vice president, Nomura Securities International, New York.
 Sandner is president and chief operating officer of Rufenacht, Bromagen and Hertz, Inc. (R.B. and H., Inc.), a position he has held since 1978. He joined the CME in 1971 and since then has served on and chaired numerous committees and has also served as Legislative Liaison (1983-85) and senior policy advisor (1998-90). He was first elected to the board of governors in 1977.
 An attorney, Sandner holds a Doctor of Jurisprudence degree from the University of Notre Dame. He is a member of the University of Notre Dame Law Association (1984 to present) and the board of directors of the National Futures Association (1982 to present). He is married and has six children.
 Miller has been a member of the CME since 1971 and has served on the board of governors since 1979. He was elected first vice chairman in 1991 and served as treasurer in 1990. He chairs the Computerized Trade Reconstruction (CTR) and the Probable Cause Committees. He is executive vice president of Index Futures Group of Chicago. Miller earned a Bachelor of Science Degree from Roosevelt University and is a Certified Public Accountant. He is married and has two children.
 Oliff is serving his fourth consecutive term as second vice chairman. He has been a member of the exchange since 1977 and has served on the board of governors since 1985. He chairs the Commodity Representative/Customer Complaint (CRCC) and the Ethics Committees and is co-chairman of the Membership Committee. He is an independent floor broker and trader and president of FILO
Corp. Oliff holds a Bachelor of Arts Degree from Brandeis University and a Juris Doctor degree from Northwestern University. He is married and has three children.
 Gordon is entering his seventh term as secretary of the board, having served in 1984, 1985 and 1988 through present. He has been a member of the exchange since 1977 and a member of the board since 1982. He chairs the Financial Instruments Steering, Member Space Allocation, Facility Coordination and GLOBEX Technical Advisory Committees. He is executive vice president of Mitsubishi Financial Futures Inc., a CME
Clearing Member Firm. Gordon received a Bachelor of Science degree from Union College in 1974. He is married and has two children.
 McClendon has been a member of the exchange since 1985 and was first elected to the board in 1989. He was first elected treasurer of the board in 1991. He is chairman of the Finance Committee and co-chairman of the Floor Services and Arbitration-Financial Division Committees. He is vice president of Saul Stone Inc., a CME clearing-member firm. He is a member of the board of trustees of the Chicago City Library and the board of trustees of the
University of Chicago. McClendon was educated in mathematics at Blackburn College and the University of Chicago. He is married and a lifetime resident of Hyde Park in Chicago.
 -0- 1/22/92
 /CONTACT: Andrew Yemma at the Chicago Mercantile Exchange, 312-930-3434/ CO: Chicago Mercantile Exchange ST: Illinois IN: FIN SU: PER


PS -- NY105 -- 2564 01/22/92 20:15 EST
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