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For Immediate Release
February 23, 2005

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

NFA announces Board of Directors election results

February 23, 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 17. The Board also re-elected Douglas O. Kitchen, managing director at Rosenthal Collins Group LLC, for a one-year term as vice-chairman.

Elected to serve two-year terms as public directors were Thomas W. Ewing, of counsel, Davis & Harman LLP, and Silas Keehn, past president of the Federal Reserve Bank of Chicago. The Board also appointed Charles P. Nastro as Immediate Past Chairman. Mr. Nastro served as NFA's chairman from February 1998 to February 2002.

The Board elected the following individuals to serve one-year terms on NFA's Executive Committee: Bruce Cleland, Campbell and Company; George E. Crapple, The Millburn Corporation; Bernard W. Dan, Chicago Board of Trade; W. Robert Felker, J.P. Morgan Futures, Inc.; Mr. Kitchen; Bonnie Litt, Goldman Sachs and Co.; James E. Newsome, New York Mercantile Exchange; and Todd E. Petzel, Azimuth Trust Company, LLC. Mr. Schaefer and NFA President Dan Roth also serve on the Executive Committee.

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

    Futures Commission Merchants: W. Robert Felker, J.P. Morgan Futures Inc.; Christopher K. Hehmeyer, Goldenberg Hehmeyer & Co.; Douglas O. Kitchen, Rosenthal Collins Group LLC; Bonnie Litt, Goldman Sachs & Co.

    Introducing Brokers: John A. Vassallo, Coquest Incorporated.

    Commodity Pool Operators and Commodity Trading Advisors: Bruce L. Cleland, Campbell & Company, Inc.; George E. Crapple, The Millburn Corporation.

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

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