Board Of Directors Appoints Ferscha Eurex CEO - Fischer: "Franke Stands For The Creation Of Eurex And

On Wednesday, the Eurex Board of Directors appointed Rudolf Ferscha to the Executive Board of Eurex AG, Zurich, and designated him chief executive officer, effective January 1, 2001. Ferscha will succeed Dr. Jörg Franke. Franke has managed the company since it was founded in 1998, and was previously head of DTB Deutsche Terminbörse, the German options and futures exchange, which, in addition to the Swiss derivatives exchange SOFFEX, was the predecessor of Eurex.

Chairman of the Board Jörg Fischer thanked Franke on behalf of the Board of Directors: "Jörg Franke stands for the first successful integration of two exchanges across borders, which was realized with the merger of DTB und SOFFEX into Eurex. At the same time, it is to his credit that this new market became the world's largest derivatives exchange."

Franke will be chief executive officer of the Eurex subsidiaries Eurex Frankfurt AG and Eurex Clearing AG until the end of the year. On the Executive Board of Deutsche Börse, one of the two Eurex parent companies, Franke is responsible for the Eurex division until he will leave at the end of December. Eurex' dynamic development to become world market leader and the cooperation with partners in strategic alliances coincided with Franke's time in office. In a joint venture with the Chicago Board of Trade (CBOT), Eurex developed an electronic trading platform based on the Eurex technology, which has been in operation at CBOT since the end of August with high trading volumes. On October 6, together with international trading firms, Eurex is launching the ECN "Eurex Bonds," an over-the-counter market for integrated cash market and derivatives trading in federal bonds.

In addition to taking over from Franke as Eurex CEO, Ferscha will also be chief executive officer of the Eurex subsidiaries; the Eurex Exchange Council is to appoint Ferscha general manager of the derivatives exchange on October 11. Ferscha comes from Goldman Sachs Deutschland, where he has been Chief Operating Officer and Finance Director since 1998. As member of the management board he is responsible there for finance, technology, operations, credit, compliance, law and taxes as well as human resources. He is also Chief Operating Officer of Goldman, Sachs & Co. Wertpapier GmbH, an affiliate specialized in warrants. He was previously Executive Director at Goldman, Sachs & Co. International, London.