Salvatore F. Sodano Is Elected Chairman and Chief Executive Officer of the American Stock Exchange

The National Association of Securities Dealers, Inc. (NASD®) and the Board of Governors of the American Stock Exchange LLC announced today that Salvatore F. Sodano has been elected Chairman and Chief Executive Officer of the American Stock Exchange, effective immediately. In this role, Sodano joins the NASD Board of Governors and will continue to serve as the NASD's Chief Operating Officer. Sodano has been acting President of the American Stock Exchange (Amex) since March 1999. He played an integral role in evaluating and negotiating the strategic combination between the NASD and the Amex, which was completed in November 1998, and has since led the Amex's integration effort. Under Sodano's leadership, the Amex launched initiatives to upgrade its technology, expand listings and trading volume for each of the Amex's three products lines - equities, options and index-linked products - and strengthen its regulatory and oversight structure. Announcing Sodano's election, NASD Chairman and Chief Executive Officer Frank G. Zarb said: "Under Sal's leadership, the Amex has made enormous progress in a very short period of time. His success has been built on a deep commitment to market integrity, a thorough knowledge of all phases of the Amex's product lines, and a strong relationship with the exchange's floor community. Sal is uniquely qualified to realize the value of our significant investment in technology, products and people at the Amex and to ensure its continuing success." In accepting the position, Sodano said: "This is a tremendous opportunity for me to implement our plans to build on the Amex's strong product base. The Amex has a respected tradition and a proven record of innovation, especially in developing dynamic products that meet the changing needs of the marketplace. We are the only exchange offering trading across a full range of index products, equities and options on the same advanced trading platform. I look forward to working with our floor community, member firms and issuers on the continued implementation of our strategy to take the Amex into the future as the premier auction market trading environment." Sodano added: "The Amex's strategy is founded on one core principle: To provide all auction market participants with the most efficient, fair, and technologically advanced trading environment possible." Anthony Boglioli, Vice Chairman of the American Stock Exchange, said: "Sal's grasp of the issues facing our industry and the strong relationships he has built with the members of the Amex family make him an excellent choice to lead our exchange into the next century. We have made much progress in our work together over the last six months, and Sal's election ensures that we will maintain our strong momentum." In his role as Chairman and CEO of the Amex, Sodano will succeed such distinguished leaders as former Federal Reserve Governor Richard F. Syron, who left the post as Amex Chairman in June after a tenure of five years, and current Securities and Exchange Commissioner Arthur Levitt, who served as Amex Chairman from 1978 to 1989. Mr. Sodano joined the NASD in 1997 as Chief Financial Officer and was promoted to Chief Operating Officer in 1999. Previously, he was with Westpac Banking Corporation, Americas Division in New York, for seven years, where he was Chief Manager and Principal Operating Officer. From 1983 to 1990, Mr. Sodano held a series of senior level financial positions at Bankers Trust Company in New York. Prior to 1983, he 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. The American Stock Exchange® is a leader in developing innovative products to meet the increasingly complex needs of market participants. The Amex is home to a growing list of actively traded index-linked securities such as DIAMONDS®, SPDRS® and WEBS® . The Amex's auction market structure has attracted listings of companies from a wide range of industries, and it is the second largest market in exchange-listed equity options. The National Association of Securities Dealers Inc. is the largest securities industry self-regulatory organization in the United States and the parent organization of the Nasdaq-Amex Market Group Inc. and NASD Regulation Inc. For more information about the NASD and its subsidiaries, please visit the following Web sites: www.nasd.com; www.nasdaq-amex.com; www.nasdr.com; or the Nasdaq-Amex NewsroomSM at www.nasdaq-amexnews.com.