NYBOT President James J. Bowe Departs Exchange

The New York Board of Trade (NYBOT) yesterday announced the resignation of NYBOT President & CEO James J. Bowe effective December 31, 1999. Bowe, who had been president of the Coffee, Sugar Cocoa Exchange, Inc., was appointed NYBOT president in June 1998 following the merger of the Coffee, Sugar Cocoa Exchange, Inc. and The New York Cotton Exchange. He has resigned as a result of irreconcilable differences with respect to responsibilities associated with the position of president and CEO for the merged exchanges. NYBOT has formed a search committee in order to fill the position. In the interim, the senior management team of the Exchange will be responsible for running the Exchange. The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar & Cocoa Exchange, Inc. (CSCE) and The New York Cotton Exchange (NYCE). Through its two exchanges and additional subsidiaries, including the New York Futures Exchange (NYFE), FINEX and Citrus Associates, NYBOT offers a wide variety of agricultural, financial and index products. The Cantor Exchange (CX), a NYBOT venture with Cantor Fitzgerald, provides the first full-time, electronic market for U.S. Treasury futures.