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For Immediate Release
January 09, 2002

For more information contact:
National Futures Association, Larry Dyekman
(312) 781-1372
ldyekman@nfa.futures.org
National Futures Association, Jennifer Bucko
(312) 781-1373
jbucko@nfa.futures.org
Island Futures Exchange, Andrew Goldman, EVP Corporate Communications
(212) 231-5047
Andrew@island.com

NFA to provide regulatory services for Island Futures Exchange, LLC

January 9, Chicago - National Futures Association announced today that it will provide regulatory services to Island Futures Exchange, LLC ("Island Futures"), a new electronic exchange planning to begin trading security futures in the second quarter of 2002. Island Futures is an affiliate of Island ECN, Inc. ("Island"), the leading electronic marketplace that now serves over 700 subscribing broker-dealers and executes approximately one out of every five trades on Nasdaq. Island Futures is awaiting approval as a designated contract market by the Commodity Futures Trading Commission.

Island Futures is the fourth new electronic exchange to outsource its regulatory programs to NFA since the passage of the Commodity Futures Modernization Act of 2000. Island Futures joins BrokerTec Futures Exchange, Merchants' Exchange and onExchange.

NFA will perform trade practice and market surveillance activities for Island Futures as well as other regulatory services which include conducting background checks, investigating and litigating any disciplinary matters that may arise, performing auditing and financial surveillance functions as the CFTC requires and resolving disputes that may arise.

"NFA is looking forward to providing these services for Island Futures as they begin to trade security futures for retail and institutional participants," said NFA Senior Executive Vice President Dan Roth. "Island Futures' selection of NFA to provide these services confirms the exchange's desire to maintain a fair and efficient marketplace for all participants."

"Island Futures represents yet another way that Island can deliver on its commitment to provide timely and innovative services to our subscribing broker-dealers and other sophisticated investors," said Island Futures President and CEO Matthew Andresen. "Our selection of NFA as Island Futures' regulatory services provider allows us to work with one of the leaders in this field as we offer new and important financial derivative products like security futures."

NFA is the industrywide self-regulatory organization for the U.S. futures industry. Since 1982, NFA has provided regulatory programs and services to ensure futures industry integrity, protect market participants and help its members meet their regulatory responsibilities. Learn more about NFA at www.nfa.futures.org.

About Island:
Island is the technology leader in electronic marketplaces. Market professionals use Island technology to display and match limit orders in Nasdaq and Listed securities. During November 2001, Island became the largest ECN trading Nasdaq securities.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.
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