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For Immediate Release
February 25, 2002

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

NFA Board of Directors elects chairman, vice-chairman, public directors

February 25, Chicago - The Board of Directors of National Futures Association (NFA) re-elected Charles P. Nastro to serve a one-year term as chairman at their meeting on February 21. Mr. Nastro is the managing director/co-head of futures for Lehman Brothers, Inc. The Board also re-elected Michael R. Schaefer, executive vice-president at Salomon Smith Barney, for a one-year term as vice-chairman.

In other business, the Board elected the following individuals to serve as public directors: Alan J. Dixon, attorney, Bryan Cave; Thomas W. Ewing, of counsel, Davis and Harman LLP; Silas Keehn, past president of the Federal Reserve Bank of Chicago; Todd E. Petzel, president and chief investment officer, Commonfund Asset Management Co., Inc.; and Susan M. Phillips, dean, School of Business and Public Management, The George Washington University.

"We are very proud to have public directors with such illustrious backgrounds," says Dan Roth, NFA's senior executive vice-president. "They include a former U.S. senator, a former U.S. representative, a former chairman of the Commodity Futures Trading Commission, a past president of the Federal Reserve Bank of Chicago and the current president and chief investment officer of Commonfund Asset Management. The depth of knowledge and experience these individuals bring to NFA will help guide the Association through the challenging times ahead."

The Board also elected the following individuals to serve one-year terms on NFA's Executive Committee: Douglas L. Bry, president, Northfield Trading LP; George E. Crapple, co-chairman and co-ceo, The Millburn Corporation; Mark D. Fichtel, president, New York Board of Trade; Scott Gordon, chairman, Chicago Mercantile Exchange; Douglas O. Kitchen, managing director, Rosenthal Collins Group LLC; Ronald S. Oppenheimer, first vice-president and general counsel, futures and options, Merrill Lynch and Co.; Mr. Petzel; and Mr. Schaefer. Mr. Nastro and NFA President Robert K. Wilmouth also serve on the Executive Committee.

With these elections, NFA completes the transition from a 45-member Board to a 25-member Board. Last November, the Board approved changes to the Association's Bylaws that reduced the size of the Board. The action, which originated with a proposal developed by a Special Committee on NFA Governance, provides NFA with a Board whose size supports quick and efficient decision-making. Elections were held in early January 2002 and the newly constituted Board held its first meeting on February 21 in Chicago.

NFA, a congressionally authorized self-regulatory organization for the U.S. futures industry, provides innovative regulatory programs and services that ensure futures industry integrity, protect market participants and help its Members meet their regulatory responsibilities. NFA also offers a variety of cost-effective regulatory services to electronic markets that enable them to sustain market integrity, increase user confidence and add value to their markets.

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