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For Immediate Release
February 20, 2004

For more information contact:
Cindy Cain (312) 781-1490,
Larry Dyekman (312) 781-1372,

NFA Board of Directors announces election results

February 20, Chicago - The Board of Directors of National Futures Association (NFA) re-elected Michael R. Schaefer, managing director at Citigroup Global Markets Inc., to serve a one-year term as chairman at their meeting on February 19. The Board also re-elected Douglas O. Kitchen, managing director at Rosenthal Collins Group LLC, for a one-year term as vice-chairman.

In other business, the Board elected W. Robert Felker, Banc One Capital Markets, Inc., to serve the remainder of Charles Nastro's unexpired term on the Board in the Futures Commission Merchant (FCM) category. The Board also re-elected the following individuals to serve three-year terms as public directors: Alan J. Dixon, former U.S. senator from Illinois, Todd E. Petzel, Azimuth Alternative Assets; and Susan M. Phillips, Dean of the School of Business and Public Management, The George Washington University.

The Board elected the following individuals to serve one-year terms on NFA's Executive Committee: George E. Crapple, The Millburn Corporation; Mr. Felker; Kent R. Horsager, Minneapolis Grain Exchange; Mr. Kitchen; James R. Klingler, Eclipse Capital Management, Inc.; Bonnie Litt, Goldman Sachs and Co.; Mr. Petzel; and John F. Sandner, Chicago Mercantile Exchange. Mr. Schaefer and NFA President Dan Roth also serve on the Executive Committee.

The following individuals were elected by their membership categories to serve three-year terms on the Board of Directors:

    Futures Commission Merchants: Scott A. Cordes, Country Hedging, Inc.; Kevin R. Davis, Man Financial Inc.; James A. Davison, Cargill Investor Services, Inc.; and Michael R. Schaefer, Citigroup Global Markets.

    Introducing Brokers: Paul J. Georgy, Allendale, Inc.

    Commodity Pool Operators and Commodity Trading Advisors: James R. Klingler, Eclipse Capital Management, Inc., and Robert E. Murray, Graham Capital Management L.P.

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

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