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The Clearing Corporation Names Richard Jaycobs Senior Vice President

Chicago, September 29, 2004 – The Clearing Corporation ("CCorp") has named Richard Jaycobs Senior Vice President and a member of The Clearing Corporation’s senior management group. Mr. Jaycobs is the former CEO of onExchange, a derivatives and securities trade-processing technology software vendor recently acquired by CCorp. In his position, Mr. Jaycobs will continue the business development activities related to CCorp and onExchange technology services.

"Richard Jaycobs has more than 20 years experience in technology and the futures industry. His expertise is a great addition to CCorp’s current management team," said Clearing Corporation President and CEO Dennis Dutterer.

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.