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CBOT Names Interim President

April 19, 2000

CHICAGO (AP) _ Directors of the Chicago Board of Trade on Tuesday named Dennis Dutterer as interim president of the exchange.

Dutterer, president of the Board of Trade Clearing Corp., takes over from Thomas Donovan, who resigned Friday after 18 years at the helm.

Donovan had come under fire in recent months from members who felt he was slow to move toward electronic trading, allowing the CBOT lose its title as the world’s leading futures market.

``Dennis is well known to the members, member firms, and staff,″ said David Brennan, chairman of the Board of Trade. ``He is intimately familiar with all the aspects of our business.″

The CBOT board also announced the start of the search for a permanent president of the exchange. Dutterer will return to his position at the Board of Trade Clearing Corp. when a permanent replacement is found.

Dutterer previously was general counsel to the Commodities Futures Trading Commission and Assistant U.S. Attorney for the District of Columbia.

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