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For Immediate Release
January 18, 2002

For more information contact:
Larry Dyekman, (312) 781-1372
Jennifer Bucko, (312) 781-1373

NFA announces Board of Directors election results

January 18, Chicago - Acting on its decision last August to decrease the size of its Board of Directors from 45 to 25 individuals, National Futures Association recently completed the election process for its new Board. Eight individuals were elected to represent Futures Commission Merchants (FCMs), four were elected to represent Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs), and two were elected to represent Introducing Brokers (IBs). The new Board members will serve either one- or two-year terms.

Futures Commission Merchants representatives from the top ten FCMs based on the amount of customer funds they hold:
Bonnie Litt, Managing Director and Associate General Counsel, Goldman Sachs and Company
Joseph J. Murphy, President, Refco LLC
Ronald S. Oppenheimer, First Vice President and General Counsel, Merrill Lynch and Company
Michael R. Schaefer, Executive Vice President, Salomon Smith Barney, Inc.

Futures Commission Merchants representatives from FCMs other than the top ten:
W. Robert Felker, President and Chief Operating Officer, Banc One Capital Markets, Inc.
James A. Gary, Executive Vice President and Director of Global Futures, ABN AMRO, Inc.
Charles P. Nastro, Managing Director and Co-head of Global Futures, Lehman Brothers, Inc.
Jan R. Waye, Senior Vice President, Cargill Investor Services, Inc.

Commodity Pool Operators and Commodity Trading Advisors representatives:
Thomas F. Basso, Chief Executive Officer, Trendstat Capital Management, Inc.
Douglas L. Bry, President, Northfield Trading LP
George E. Crapple, Co-Chairman, Millburn Ridgefield Corporation
Robert E. Murray, President, Demeter Management Corporation

Guaranteed Introducing Broker representative:
Paul J. Georgy, President and Chief Executive Officer, Allendale, Inc.

Independent Introducing Broker representative:
John A. Vassallo, President, Coquest Incorporated

The four largest futures exchanges based on volume in 2001 are entitled to one seat each on the Board for a one-year term. Those exchanges and the person they chose to represent them are:
The Chicago Mercantile Exchange (Scott Gordon, Chairman)
The Chicago Board of Trade (Nickolas J. Neubauer, Chairman)
The New York Mercantile Exchange (Neal L. Wolkoff, Executive Vice President)
The New York Board of Trade (Mark D. Fichtel, President)

In addition to the four largest exchanges, two exchanges not affiliated with any of the top four exchanges are entitled to seats on NFA's Board for a one-year term. These two seats will be drawn from the following three exchanges: the Kansas City Board of Trade, the Minneapolis Grain Exchange and the Cantor Financial Futures Exchange.

At the Board's first meeting on February 21, 2002, in Chicago, the Directors will elect five public Directors, satisfying the Commodity Futures Trading Commission's requirement that 20 percent of the Board must be public representatives.

"NFA will now be able to respond to the momentous changes occurring in the futures and financial services industries with a Board whose size supports quick and efficient decision making," said NFA Senior Executive Vice President Dan Roth.

NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry. Since 1982, NFA has provided innovative regulatory programs and services that ensure futures industry integrity, protect market participants and help its members meet their regulatory responsibilities.

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