News Release

Exchange Executive Elected to Leadership Post in Technology Standardization Organization

Wed Jan 05 2005

New York, N.Y., January 5, 2005 — Samuel Gaer, chief information officer of the New York Mercantile Exchange, Inc., was elected co–chairman of the global derivatives committee of FIX Protocol Ltd. (FPL).

FIX Protocol Ltd. is a non–profit organization that owns the intellectual property rights of the Financial Information eXchange protocol (FIX), a globally recognized messaging standard that is widely accepted in the financial services industry. FIX enables the electronic communication of pre–trade and trade messages between financial institutions, primary investment managers, broker/dealers, stock exchanges, and across proprietary electronic communications networks. The types of messages transmitted include market data, trade reporting, order routing and pre–order data.

The global derivatives committee works to promote FIX for listed derivatives markets to help achieve the standardization of clearinghouse back offices throughout the financial services industry.

"The New York Mercantile Exchange has been a leader in pushing for standardization in trading and clearing," said Jim Northey, who shares the committee chairmanship with Mr. Gaer. Mr. Northey is the chief technology officer and manager of the derivatives practice of Jordan & Jordan, a New York–based industry management technology consulting firm. He said, "Mr. Gaer's extensive experience in the futures industry, as a trader, running a trading firm, starting multiple software companies, and then moving into executive management at the Exchange provides the global derivatives committee with a wealth of experience and perspective." Mr. Gaer will also sit on the global steering committee, Mr. Northey said.

Mr. Gaer founded TradinGear, a trading software development company, where he was introduced to the FIX protocol. As Exchange chief information officer, Mr. Gaer has spearheaded the FIX effort at the Exchange. He introduced its first FIX application programming interface (API), and most recently its electronic order network (NEON) that expedites the routing of customer orders to the floor and the return of confirmations to the customer; and the upcoming single–point–of–access Exchange FIX gateway.

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