CME Names McNulty New President & CEO

The Chicago Mercantile Exchange (CME) has named James J. McNulty President and Chief Executive Officer, Chairman Scott Gordon announced today. The appointment is effective February 7. McNulty, 48, has more than 25 years of exchange and over-the-counter experience in global financial markets. He will assume the CME's top staff position after serving as Managing Director for the international investment banking firm, Warburg Dillon Read, where he also is Co-head of the firm's Corporate Analysis and Structuring Team within its Corporate Finance Division. Warburg Dillon Read is a division of UBS AG, one of the world's leading financial institutions ranking among the top five banks worldwide by market capitalization. "Jim brings outstanding credentials to the helm of the Merc at this critical juncture in our history," said CME Chairman Scott Gordon. "His comprehensive understanding of our markets, his creative applications of technology to derivatives trading, and his strong leadership skills make him uniquely qualified for this position. We set our standards very high when we embarked on this search, and Jim is exactly the right person to carry us forward. I look forward to working with him closely as we continue to pursue our strategic goals." An experienced international banker, McNulty is a fourth generation Chicagoan who served as a general partner with O'Connor & Associates. One of the world's leading futures and options trading organizations, Chicago-based O'Connor was widely recognized as a pioneer in applying sophisticated risk management technology and quantitative techniques to the securities, futures and options markets. In 1992, Swiss Bank Corporation (SBC) purchased several O'Connor businesses, integrating them into its global Capital Markets and Treasury organization. UBS AG was formed from the merger of the banking groups of Swiss Bank Corporation and Union Bank of Switzerland (UBS) in 1998. "Traditional financial markets are at a strategic inflection point," said McNulty. "The winners will be defined by how they apply new technologies and globalize their business the most efficiently. The CME members and staff have consistently been agents of change in the financial markets, and I am excited to take the exchange through the next phase of its evolution. A member of Warburg Dillon Read's Corporate Finance Technology Committee, McNulty recently designed and launched a global Corporate Finance Web portal incorporating more than 20 sector and product Web sites. At SBC, he was responsible for designing a number of the risk management advisor tools which the firm used to advise multinational corporations and investment managers. Prior to his current responsibilities at Warburg Dillon Read, McNulty was Co-head of Emerging Market Equities and served as investment banker for a number of U.S. and Mexican corporations. He founded SBC's Mexican Equity Derivative alliance with Banamex and its affiliates. He was previously North American Head of Interest Rate Corporate Coverage, Global Manager of the Structured Transactions Group and founder of the Risk Management Advisor Program for SBC. From 1984 to 1987, McNulty was the founder and President of Hayes & Griffith Futures, Inc. He was also a director of Intermarket Publishing Corporation. He has held foreign exchange management positions with the Harris Bank and served as Citibank's Treasurer in Mexico City in the early 1980s. Euromoney Currency Reports named McNulty the top foreign exchange forecaster in 1982 and in 1983. Throughout the course of his career, McNulty has traded or supervised trading in virtually all of the financial futures and options at the Chicago Mercantile Exchange. McNulty is a popular international public speaker to top executives of major corporations on the topics of shareholder value creation, cost of capital, capital structure and dividend policy. Said John Dugan, formerly Chief Executive Officer for SBC in the Americas and Managing Partner of O'Connor & Associates: "You cannot be in the same room with Jim without feeling excited about the future and glad to be alive." McNulty earned a bachelor's degree in liberal arts and sciences from the University of Illinois in Chicago, and a master's degree in Anglo-Irish studies from University College Dublin in Ireland. His wife, Jamie K. Thorsen, is Executive Managing Director and Global Head of Foreign Exchange at the Bank of Montreal. They reside in the Chicago area with their two sons. The Chicago Mercantile Exchange is a global marketplace trading futures and options on futures on agricultural commodities, foreign currencies, interest rates and stock indexes, as well as weather-related products.