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For Immediate Release
February 24, 2003

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

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

February 24, Chicago - The Board of Directors of National Futures Association (NFA) elected Michael R. Schaefer to serve a one-year term as chairman at their meeting on February 20. Mr. Schaefer, a managing director at Salomon Smith Barney in New York, succeeds Charles P. Nastro, who is retiring from Lehman Brothers Inc. this year. The Board also elected Douglas O. Kitchen, managing director at Rosenthal Collins Group LLC, for a one-year term as vice-chairman.

"NFA and the futures industry have greatly benefited from Charlie Nastro's excellent leadership as NFA's chairman for the past five years," says NFA President Daniel J. Roth. "We are pleased that he will remain on our Board as a Futures Commission Merchant representative."

In other business, the Board re-elected the following individuals to serve three-year terms as public directors: Thomas W. Ewing, of counsel, Davis and Harman LLP, and Silas Keehn, past president of the Federal Reserve Bank of Chicago. 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; Bernard W. Dan, president, Chicago Board of Trade; Robert R. Petersen, president and ceo, Kansas City Board of Trade; Charles P. Nastro, managing director/co-director of futures, Lehman Brothers, Inc.; Ronald S. Oppenheimer, first vice-president and general counsel, futures and options, Merrill Lynch and Co.; Todd Petzel, managing director, Azimuth Alternative Assets; and Mr. Kitchen. Mr. Schaefer and Mr. Roth also serve on the Executive Committee.

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

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