New Directors Elected to FpML.org Board

Changes Reflect Volunteer Nature of Consortium Developing Financial products Markup Language Supporting OTC Derivatives Trading

NEW YORK, Aug. 28 - Mark Beeston, Chief Operating Officer, OTC Derivatives at Deutsche Bank, today was elected to the FpML.org Board of Directors, according to Philippe Khuong-Huu, Chairman of the non-profit organization's Board.

Mr. Khuong-Huu, a Managing Director at Goldman Sachs, said other recent elections to the Board include Richard Cohen, Managing Director, Bank of America; Drew Gross, Managing Director at JPMorgan; David Long, Chief Operating Officer for Developed Market Rates, Credit Suisse First Boston, and Ardavan Nozari, Managing Director, Citigroup.

"These new directorships represent a 'passing of portfolio' within their respective companies," Mr. Khuong-Huu said. "The Board is comprised of senior derivatives business leaders from major market participants. These individuals graciously volunteer their time to set overall goals, priorities and direction for Financial products Markup Language within the OTC derivatives trading industry."

The Board oversees the work of the Standards Committee, also comprised of volunteers who together define and maintain the standard as well as expand it to cover more products or to support additional business services. These activities are accomplished through volunteer Working Groups.

FpML is the XML-based, freely licensed e-Commerce standard supporting OTC trading of financial derivatives. FpML.org is a non-profit consortium comprised of leading global derivatives trading institutions, financial, technology and consulting firms.