SFE Chairman Retires - Replacement Appointed

The Board of the Sydney Futures Exchange (SFE) has appointed Mr Rick Holliday-Smith to replace the retiring Mr Bruce Hudson as SFE Chairman. Mr Holliday-Smith has been an Independent Director of the SFE, and its subsidiary the New Zealand Futures and Options Exchange (NZFOE), since May 1998. He brings a wealth of experience in the capital market and derivatives industries. Prior to joining the SFE Board, Mr Holliday-Smith spent 11 years in Chicago. Firstly as Chief Executive Officer of Chicago Research and Trading, an options market-making firm, and then as President of NationsBanc-CRT. Between 1978 and 1986 he held executive positions with Wardley Australia Limited, Sydney, and the HongKongBank Limited, London. Mr Hudson is stepping down as SFE Chairman after 10 years in the position and a distinguished career in the finance industry, which has included directorships with Ord Minnett and the Sydney Stock Exchange (now the Australian Stock Exchange). He has been on the SFE Board since 1983, serving as Deputy Chairman from 1986 until his appointment as Chairman in October 1989. He has also served as a director of the SFE's two wholly owned subsidiaries, the NZFOE and the Sydney Futures Exchange Clearing House (SFECH). Mr Hudson will remain a director of the SFE. During Mr Hudson's term as Chairman, the SFE's annual trading volume has almost tripled to 30 million futures and options contracts, and the nominal value of contract turnover has grown to A$10.5 trillion. In the same period, the SFE has introduced SYCOM® (Sydney Computerised Market), the world's first after hours electronic trading platform; established a trading link with the New York Mercantile Exchange, the world's premier commodities market; enhanced trans-Tasman trading opportunities by acquiring the NZFOE; and set-up its own clearing and settlement operation, the SFECH. In 1998 the SFE retained its position as the largest financial futures and options exchange in the Asia Pacific.