THE CLEARING CORPORATION ANNOUNCES SHAREHOLDER APPROVAL OF ITS CORPORATE AND CAPITAL REALIGNMENT

Chicago, October 23, 2003 – The Clearing Corporation ("CCorp") today announced that its stockholders have approved its corporate and capital realignment.

The Clearing Corporation will proceed with its previously announced stock
repurchase program and the establishment of a Guaranty Fund enabling clearing participants to satisfy their obligations with forms of collateral including but not limited to Clearing Corporation stock.

Commenting on the stockholder approval, Michael Dawley, Chairman of the Board of Governors of The Clearing Corporation, said: "Approval of The Clearing Corporation’s realignment is a key step in assuring that a major share of the world’s futures and options clearing and risk management functions remain in Chicago. I am pleased that our stockholders have reaffirmed The Clearing Corporation’s historical model of independence and service to open markets."

Dennis Dutterer, President and CEO of The Clearing Corporation added "Our
stockholders’ endorsement opens new opportunities for The Clearing Corporation to expand its services to support new and growing marketplaces, in the months and years to come."

Press Release Contact:
Jason Newberg
Intermarket Communications
425 Madison Avenue, Suite 600
New York, NY 10017
(P): 212-888-6115 Ext. 223

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