Richard Jaycobs appointed CEO; Brett Paulson President and COO; Kevin McClear General Counsel

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. Jacobs 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.

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