Dean Furbush Appointed Head Of Nasdaq's Third Market - Michael Edleson Appointed NASD Chief Economist

The National Association of Securities Dealers, Inc. - (NASD®) has appointed Dean Furbush to the newly designated position of Managing Director for the Nasdaq® Third Market. The Third Market is a competitive dealer venue for the electronic trading of exchange-listed stocks. In his new role, Furbush will be responsible for all third market business and trading activities. Commenting on Furbush's appointment, NASD President Richard G. Ketchum said, "Dean's background in both economics and strategy make him well suited to lead our Third Market efforts. Third Market trading already accounts for in excess of ten percent of trading in NYSE-listed stocks. With the recent plans of the NYSE to drop its Rule 390, electronic third market trading of listed securities will become even more important." Following Furbush's appointment, Michael Edleson of NASD has been promoted to the position of Senior Vice President and NASD Chief Economist. In this role he will provide leadership for the Economic Research division and manage a variety of major strategic NASD/Nasdaq projects. Economic Research primarily supports the executive decision-making process, examines market policies to improve market structure and strategy, and supports the NASD companies with analytical work on a variety of key business issues. The group also works closely with researchers around the world to help them better understand the market. Commenting on Edleson's appointment, Ketchum noted, "Mike brings intelligence, understanding of markets, and a rich blend of both business and academic experience to the position. He has recently been a key player in designing our upcoming restructuring. He is well equipped to lead the kind of in-depth analysis needed to help us create the new global electronic stock market." Dean Furbush joined NASD as a Senior Vice President in 1995, first as Chief Economist and then additionally in 1996 as Director of Strategic Planning. Prior to that he held economic advisory positions at Economists Incorporated, the Commodity Futures Trading Commission, the Securities and Exchange Commission and the President's Council of Economic Advisers. He has a B.A. in economics from the University of Washington, and an M.A. and Ph.D from the University of Maryland. Mike Edleson joined the NASD to help run the Economic Research division in October 1997, after having launched a global risk management business at Infinity Financial Technology, Inc. This followed 11 years in the academic finance community, most recently as a finance professor at Harvard Business School for 6 years. He also served on active duty for 15 years in the Army, and is still active as an officer in the Reserves on the faculty at West Point. Mike has served on boards of directors of Geodynamics, (a publicly-traded technology solutions company), Financial Management Association, and on several advisory boards. He has authored several books and articles on financial topics, and is founding co-editor of the journal Contemporary Finance Digest. Among Mike's degrees are a B.S. from the United States Military Academy (West Point) and an M.S. and Ph.D. in economics from Massachusetts Institute of Technology. The National Association of Securities Dealers, Inc., is the largest securities-industry, self-regulatory organization in the United States. It is the parent organization of The Nasdaq Stock Market®, The American Stock Exchange®, and NASD Regulation, Inc. For more information about the NASD and its subsidiaries, please visit the following Web sites: www.nasd.com; www.nasdaq.com; www.amex.com; www.nasdr.com; or the Nasdaq NewsroomSM at www.nasdaqnews.com.