Merc Board Re-elects Gordon Chairman, Chooses Other Officers

The Chicago Mercantile Exchange (CME) Board of Directors this afternoon elected its board officers for the year 2000 at an organizational meeting. Scott Gordon was re-elected Chairman of the Board for a second consecutive two-year term. Re-elected to one-year terms were the following positions: Vice Chairman: Terrence A. Duffy; Second Vice Chairman: James E. Oliff; Secretary: Martin J. Gepsman; Treasurer: Thomas A. Kloet. In addition, Leo Melamed, Chairman Emeritus, will continue to serve as Senior Policy Advisor and Jack Sandner, former CME Chairman, will continue to serve as Special Policy Advisor. Gordon has served on the CME Board of Directors since 1982 and was re-elected by exchange members last week to his 10th consecutive two-year term. The board first elected him Chairman in January 1998. He was Vice Chairman of the exchange from 1995 through 1997. Gordon also serves as President and Chief Operating Officer of Tokyo-Mitsubishi Futures (USA), Inc., a CME clearing member firm wholly owned by the Bank of Tokyo-Mitsubishi, Ltd., one of the world's largest financial institutions. He has been with the organization and its predecessor firms since 1989. He served in various trading and management positions with Rosenthal and Company from 1974 to 1983, and with Dellsher Investment Company from 1983 to 1988. He has been a member of the exchange since 1977. Gordon received a bachelor of science degree in mathematics, cum laude, from Union College in Schenectady, New York. A resident of Chicago, he is married with two children. Duffy, a floor broker and trader and President of TDA Trading, Inc., will begin his third term as CME Vice Chairman. A CME member since 1982, he has served on the board since Jan. 1995. Duffy attended the University of Wisconsin-Whitewater, studying business administration. He is married and resides in Lemont, Illinois. Oliff, executive director of International Futures and Options Associates and president of FILO Corp., will begin his third consecutive term as Second Vice Chairman. As Chairman of the Merc's Strategic Planning Committee for the past two years, he is the principal architect of the exchange's strategic plan unveiled in November 1998 and of the plan to demutualize the CME which was presented to members last month at their annual meeting. He has served on the board since Jan. 1995 and previously from 1985 to 1992. He also served as Second Vice Chairman from 1989 to 1992 and as Secretary in 1996. He earned a bachelor of arts degree from Brandeis University in Waltham, Massachusetts and J.D. from Northwestern University School of Law in Evanston, Illinois. A resident of Deerfield, Illinois, he is married with three children. Gepsman, a floor broker and trader, will begin his third consecutive term as CME Secretary. He has been a member of the exchange since 1985 and a member of the board since January 1994. A Chicago resident, Gepsman received a B.A. degree in French and German and an MBA from Indiana University. Kloet will begin his third term as CME Treasurer, after serving in 1997 and again in 1999. First elected to the board in 1996, he has been affiliated with the exchange for 16 years and a member for 11 years. Kloet is Senior Managing Director of ABN Amro Incorporated and Senior Vice President of ABN Amro Bank, N.V. Previously he was Chief Operating Officer, Chief Financial Officer and Corporate Secretary of Credit Agricole Futures, Inc. From 1988 to 1990, Kloet served as Treasurer, CFO and Director of Jack Carl/312 Futures, Inc. Kloet was Director of Internal Audits at the CME from 1985 to 1988. A certified public accountant, Kloet is a graduate of the University of Iowa. A resident of Elmhurst, Illinois, he is married with two children. The annual Board of Directors election was held on Dec. 9. The board is composed of 25 elected representatives of four divisions of the exchange - the CME, the International Monetary Market (IMM), the Index and Option Market (IOM) and the Growth and Emerging Markets (GEM) - as well as appointed and industry directors.