The Philadelphia Stock Exchange Names C. Robert Paul to the Position of Executive Vice President and General Counsel

For more information, contact Barbara Sorid at 215-496-5200 or by e-mail

PHILADELPHIA – Oct. 26, 2005 - The Philadelphia Stock Exchange announced today
C. Robert Paul has been appointed to the position of Executive Vice President and General Counsel.

Mr. Paul previously served as vice president and chief legal officer at the Chicago-based Cargill Investor Services, Inc. Cargill and its subsidiaries traded securities, futures, options and foreign currencies for its customers in most major exchanges and markets worldwide.

Before that, he was General Counsel and Executive Vice President of One Chicago, LLC. where he helped launch the first exchange to offer security futures in the U.S.

Mr. Paul was a Partner and Co-Leader of the Derivatives Products Practice Group of the Washington-based firm of McDermott, Will & Emery where he advised to exchanges, futures commission merchants, broker-dealers, asset managers and end users regarding federal laws and regulations governing commodities, securities, futures and other derivatives.

He also served as General Counsel of the U.S. Commodity Futures Trading Commission (CFTC) where he oversaw the negotiations between the CFTC staff with the Securities and Exchange Commission (SEC) to construct a joint regulatory scheme to permit trading futures on individual stocks and narrow-based indices which was then incorporated into the Commodity Futures Modernization Act adopted by Congress in 2000.

He held the positions of Vice President and Counsel at Credit Suisse First Boston Corp. and Dean Witter, Discover & Co. with responsibilities that spanned the full spectrum of financial services and products.

Mr. Paul received a law degree from New York University in 1980 and a bachelor’s degree from the University of Pennsylvania in 1977.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, more than 1,750 equity options, 26 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com

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