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THOMAS J. BASILE ELECTED CHAIRMAN OF GSCC BOARD

 NEW YORK, June 1 /PRNewswire/ -- The board of directors of the Government Securities Clearing Corporation (GSCC) recently elected Thomas J. Basile as its chairman. Mr. Basile is executive managing director, administration & operations, of Carroll McEntee & McGinley
Incorporated, the principal subsidiary of CM&M Group, Inc. CM&M Group, where Mr. Basile also serves as a director, is a member of the HSBC Group.
 "We are very pleased with the election of Tom Basile as chairman," said Charles A. Moran, president of GSCC. "His leadership experience in the government securities marketplace will be a great asset to our board."
 Mr. Basile is currently chairman of the Public Securities Association's Credit and Law Committee. He serves on the board of directors of GOVPX, Inc. and as an arbitrator for the Municipal Securities Remaking Board. Mr. Basile is a certified Public Accountant in the state of New York and a member of the AICPA/NYS Society of Certified Public Accountants.
 Mr. Basile holds a bachelor of science degree in accounting from St. Peters College and a master of business administration degree from Fairleigh Dickinson University.
 Mr. Basile is an active member of the community and currently serves as president of the board of directors of Catholic Big Brothers. He is married with two children.
 Government Securities Clearing Corporation (GSCC), established in 1986, provides centralized clearance and settlement services to over 70 interdealer brokers, dealers, and clearing banks for treasury bills, bonds, and notes; STRIPS; and non-mortgage-backed agency securities. GSCC is an affiliate of National Securities Clearing Corporation, the nation's leading provider of clearance and settlement services for equities, bonds, and mutual funds transactions.
 Carroll McEntee & McGinley, a wholly-owned member of the HSBC Group, is one of the nation's largest primary dealers in U.S. government securities and also offers global capabilities in financial futures brokering and clearing services. With consolidated assets of more than $258.2 billion and capital resources of over $21.2 billion, the HSBC Group ranks as one of the largest and most strongly capitalized banking organizations in the world.
 -0- 6/1/93
 /CONTACT: Robert J. Becton of CM&M, 212-658-1028; or Jason T. Stell of the National Securities Clearing Corporation, 212-412-8728/


CO: Government Securities Clearing Corporation ST: New York IN: FIN SU: PER

WB-LR -- NY077 -- 4068 06/01/93 15:21 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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