NASD Appoints Salvatore F. Sodano as Chief Operating Officer

The National Association of Securities Dealers, Inc. (NASD) has announced the promotion of Salvatore F. Sodano to Chief Operating Officer of the company, effective immediately. Prior to this promotion, Mr. Sodano was the Deputy Chief Operating Officer. He will retain his position as Chief Financial Officer. As COO, Mr. Sodano will be responsible for the day to day business of the NASD while continuing his responsibilities for all financial matters of the NASD and its subsidiaries. He will also continue to be a member of the NASD Office of the Chairman, which is responsible for strategic development and policy initiatives. Mr. Sodano will continue to report to Frank Zarb, Chairman and CEO of the NASD and Richard G. Ketchum, President of the NASD. Sodano first came to the NASD in June 1997 as Executive Vice President and Chief Financial Officer and in February 1998, was appointed Deputy COO. In these positions, he has been instrumental in evaluating and negotiating the American Stock Exchange deal and is in charge of integrating the Amex into the NASD and the Nasdaq Stock Market. He has also been at the forefront of numerous other NASD initiatives, including the NASD's Enterprise Review program -- a successful effort to identify operating efficiencies and implement an improved operating margin to the NASD of $80 million over a two year period. "Sal has been invaluable in helping us implement our Market of Markets vision. He has been a critical part of every initiative we have undertaken over the last year, and this promotion is a recognition of his position at the NASD. We are a better organization now that Sal has taken this position -- we are quite lucky to have someone of his talent, drive, and initiative working with us," said Mr. Ketchum in announcing the promotion. "This appointment will allow me to focus more of my attention on the challenges and changes in the global marketplace which impacts our business." stated Ketchum. Mr. Sodano joined the NASD, from Westpac Banking Corporation, Americas Division in New York, where he was Chief Manager and Principal Operating Officer, and held increasingly responsible positions from 1990-1997. From 1983 to 1990, Mr. Sodano held various senior level financial positions at Bankers Trust Company in New York. Prior to this time, he also held positions at J.P. Morgan and Price Waterhouse. Mr. Sodano earned his bachelor's degree in 1977 in Accounting and Economics, and his master's degree in 1983 in Finance and Investments from Hofstra University. In 1986, he completed a course of study in management from the University of Pennsylvania, The Wharton School.