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LORENZEN ANNOUNCES CANDIDACY FOR CBOT CHAIRMAN'S POST

LORENZEN ANNOUNCES CANDIDACY FOR CBOT CHAIRMAN'S POST
 CHICAGO, Sept. 30 /PRNewswire/ -- Dale Lorenzen, an 18-year veteran of the Chicago Board of Trade who has long been active in governance issues and committees at the exchange, today announced his candidacy for chairman of the CBOT in December, 1992 election.
 "I join many who believe that the exchange has arrived at a crucial juncture," said Lorenzen, who currently is first vice-chairman of the exchange. "The challenges we face today and in the years ahead, as an institution and as individual members, require the solid business skills I have developed and demonstrated."
 He pointed out that while the exchange itself has been doing well financially, the trading community -- at all levels -- has been under significant profitability pressure.
 Lorenzen said: "Member profitability is a key concern as we face increased competition from other investment arenas. My highest priority is to devise ways of returning profitability to our members.
 "Our customers use our price discovery mechanism and need the liquidity it provides. Profitability can be restored by new customers' use of our unique open outcry auction markets, by more efficient management of the exchange's resources, by developing new products, and by forming new business alliances."
 Lorenzen, 55, first served as a director of the CBOT in 1987, and has served as first vice chairman of the Board of Trade Clearing Corporation. Since 1976, he has served as a member or served as chairman of more than 30 CBOT committees.
 In recent years, Lorenzen has provided the exchange with a distinguished range of services. He has represented the exchange before Congress and the Commodities Futures Trading Commission, industry groups and domestic exchanges on a variety of critical issues. To that end, Lorenzen's travels on behalf of the exchange also have taken him to Europe and the Far East.
 Lorenzen had another opportunity to demonstrate his leadership skills during the "Chicago Flood" that closed the exchange last spring. He marshalled the forces of CBOT directors, the membership and exchange staff, together with the Board of Trade Clearing Corporation's governors and its staff to bring about a resumption of trading in two days.
 "As chairman of the Chicago Board of Trade," Lorenzen said, "I will seek to maximize the value of membership and the progress of our institution through solid, comprehensive business management policies."
 -0- 09/30/92
 CONTACT: Dale Lorenzen, 312-347-3838 (trading floor), or 312-347-6271 (office), of Chicago Board of Trade CO: CHICAGO BOARD OF TRADE IN: FIN ST: IL -- NY090 -- X700 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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