Chicago, November 25, 2003 - Following overwhelming endorsement last month by its stockholders in a 50-34 vote,
The Clearing Corporation ("CCorp") implemented its corporate and capital realignment. The new corporate structure
allows non-stockholder participants to clear trades through the CCorp, without owning stock; provides for stockholders
to buy and sell shares without previous restrictions related to firm trading activity, and treats each share equally in
voting on corporate issues.

As a result of the reorganization, the remaining 5,346 shares were automatically converted into 534,600 shares of Class
A common Stock. The Clearing Corporation now has capital of approximately $106.9 million in addition to the General
Guaranty Fund, valued at approximately $165.5 million, which guarantees on-going trading activity.

The Clearing Corporation today held its first election for the new Board of Directors under its new corporate structure.
Current stockholders elected the following nine directors to the Board on a one-share, one-vote basis.

Elected to terms expiring in 2005 are:
- Gerald F. Corcoran
- Dennis A. Dutterer

Elected to terms expiring in 2006 are:
- Kevin G. Collins
- Wendell A. Kapustiak
- Alex H. Ladouceur

Elected to terms expiring in 2007 are:
- Michael C. Dawley
- James G. McCormick
- Joseph J. Murphy

Elected to a one year-term as a Class E director:
- Rudolf Ferscha

Under the Clearing Corporation's restructuring agreement, the Board of Directors can consist of as few as seven
Directors or as many as fifteen, as determined by the Board from time to time. The new board will meet shortly
after the election, at which time they will elect a new chairman, vice chairmen and appoint committee members.

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