Board of Trade Clearing Corporation elects three board members

The newly constituted board has re-elected Michael Dawley as vice-president of global futures services at Goldman Sachs, to serve as chairman for a one-year term. The BOTCC's stockholders also re-elected Wendell Kapustiak, director of global futures operations at Merrill Lynch, and elected Gerald Corcoran, chief executive of RJ O'Brien & Associates, to its board of governors.

Dawley was elected as a BOTCC governor in February 2000, first servicing as vice-chairman of the BOTCC's board from July 2001 until he was elected chairman of the board in February 2002.

Dawley has worked for Goldman Sachs for 18 years, with responsibilities including exchange, clearing and regulatory oversight. He began his career at EF Hutton and has been involved in the industry for 25 years in numerous different capacities, including working as an independent trader and heading a global futures operations. Dawley is currently a member of the Chicago Board of Trade and Chicago Mercantile Exchange. He also is a member of the CME Clearing House risk committee and is vice-chairman of the Futures Industry Association.

Kapustiak has more than 27 years of experience in the derivatives industry, during which time he has worked as a trader and broker, as well in futures research, operations and technology. From 1996 to 2000, Kapustiak was based in London where he held the positions of director ofglobal futures clearing, director of global futures operations, and director of futures, debt and core operations at Merrill Lynch.

Corcoran has worked in the derivatives industry since 1987, when he joined RJ O'Brien & Associates working in several roles, including chief financial officer and chief operating officer. He was made the firm's chief executive in June 2000.