NYMEX Exchange Chairman Elected to Fourth Term

Daniel Rappaport was elected to a fourth two-year term as chairman of the New York Mercantile Exchange, making him the longest currently sitting chairman of any futures exchange in the world. Other elected board members include: Steven J. Karvellas, Richard Saitta, Richard M. Schaeffer, Kevin McDonnell, A. George Gero, and Robert Coakley. Mr. Rappaport was first elected chairman in March 1993, after serving six years as a member of the board and one as vice chairman. Mr. Rappaport personally spearheaded the negotiations to merge with the Commodity Exchange, Inc., (COMEX) in 1994, as well as the selection and construction of the Exchange's state-of-the-art trading facility in the World Financial Center. Under his direction as chairman, the Exchange also launched its NYMEX ACCESS (SM) after-hours electronic trading system and a series of electricity futures and options contracts.