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CLEARING
CORPORATION ANNOUNCES NEW OFFICERS
Chicago, March 2, 2005
The
Clearing Corporation ("CCorp") announced today that
its Board of Directors has appointed Richard Jaycobs to be
Chief Executive Officer and Brett F. Paulson to be President
and Chief Operating Officer, effective immediately. Mr. Jaycobs
and Mr. Paulson will each report to the Board of Directors.
Kevin R. McClear has also been appointed General Counsel.
Michael
C. Dawley, Chairman of the Board of Directors, said these
appointments signal that The Clearing Corporation is assigning
a major emphasis on technology and consulting services in
addition to its core clearing and settlement offerings.
"Rich
and Brett have the full support of the Board of Directors
as we move forward to aggressively implement the objectives
set forth in our business plan." Mr. Dawley said. "The
Clearing Corporation is well positioned with opportunities
to expand as a major service provider to the global markets."
"Our
job is to take The Clearing Corporation in a new direction
at a time when markets are undergoing an unprecedented structural
evolution." Mr. Jaycobs said. "Brett and I thank
the Board of Directors for their confidence as we proceed
with a full business agenda. We are already moving forward
with several new business initiatives."
Mr.
Paulson added: "The combination of CCorp's clearing and
settlement expertise with onExchange's cutting-edge technology
is generating significant interest in markets around the world.
Rich and I see tremendous opportunity for CCorp in this environment."
Mr.
Jaycobs, 46, has been Senior Vice President of Business Development
and Strategic Planning for the Clearing Corporation since
September 2004. He is the former CEO of onExchange Inc., a
derivatives and securities trade-processing technology software
vendor which The Clearing Corporation acquired in 2004. Prior
to joining onExchange, Mr. Jaycobs created Acknowledge Systems,
LLC, to develop trading engines and market database applications
using Web technologies. Before founding Acknowledge Systems,
he served as Director of Business Development at the investment
firm Computer Trading Corporation. From 1993 through 1995,
Mr. Jaycobs was the Chief Technology Officer at Tudor Investment
Corporation, and from 1986 until 1993 he was the Managing
Director of the Financial Instrument Exchange (FINEX) in New
York. Mr. Jaycobs also founded the Futures Industry Association's
Information Technology Division.
Mr.
Paulson, 49, has been Executive Vice President and Chief Information
Officer at the Clearing Corporation since December 2002. He
joined CCorp's Information Technology Department in 1995 as
the Director of Business Application Development and Database
Administration. He was named Senior Vice President and CIO
in December 1999. Prior to joining CCorp, he was a Vice President,
Fixed Income Trading Technology at CS First Boston in New
York. He held positions of increasing responsibility in information
technology at Continental Bank (and later ISSC, a subsidiary
of IBM); Harris Trust and Savings Bank, a subsidiary of the
Bank of Montreal, located in Chicago; and International Harvester
Company.
Prior
to this appointment, Mr. McClear, 43, served as Vice President,
Special Counsel and Secretary of The Clearing Corporation.
He will now serve as Vice President, General Counsel and Secretary.
He joined The Clearing Corporation as Associate General Counsel
in March 1999. Prior to that Mr. McClear was Assistant General
Counsel with the Chicago Board of Trade.
Over
the past year, CCorp has established business relationships
with the Chicago Futures Exchange (through the Options Clearing
Corporation); ChemConnect; and the Chicago Climate Exchange.
In December, CCorp announced an agreement with the JSE Securities
Exchange of South Africa. In addition, CCorp launched the
first phase of the revolutionary Global Clearing Link with
Eurex, the world's largest futures exchange.
About The Clearing Corporation
The Clearing Corporation, a stockholder-owned, Delaware corporation
now in its 80th year of business. The Clearing Corporation
serves numerous clients in a variety of markets and is the
only active independent futures clearinghouse in the world.
Additional information on The Clearing Corporation is available
at www.clearingcorp.com.
Media contacts:
CCorp Andrew Yemma, Intermarket Communications +1-212-888-6115
x 225
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