IN BRIEF

The board of governors at the Board of Trade Clearing Corporation (BOTCC) elected a new set of chairmen and governors at its annual meeting. William Floersch, president and CEO of O’Connor & Co. and chairman of the board of ATIS International, will serve as chairman. Bernard Dan, president and CEO of Cargill Investor Services, was elected first vice chairman and Michael Brinati, president and CEO and a principal shareholder of Iowa Grain Company, was elected second vice chairman. The chairmen will each serve one-year terms in office. Michael Dawley of Goldman Sachs, Wendell Kapustiak of Merrill Lynch Futures and Michael Manning of Rand Financial Services were elected for three-year terms to the BOTCC board of governors.

Open interest in the Nasdaq 100 Index futures reached record levels on the Chicago Mercantile Exchange for two consecutive sessions. The index reached 36,234 open positions on February 18 and then climbed to a record 38,733 on February 22. Each contract is sized at $100 times the index value, which is a modified, capitalization weighted index of the 100 largest stocks trading on Nasdaq.

Separately, the Chicago Mercantile Exchange has filed with the Commodity Futures Trading Commission to trade the Fortune e-50 Index, one of two new indexes licensed by Fortune. Designed by the magazine’s editors, the Fortune e-50 Index includes four Internet market sectors: so called e-companies, such as America Online, net software and service companies, such as Microsoft, net hardware companies, such as IBM, and net communications companies, such as AT&T.

FNX Ltd., a provider of mission-critical trading systems and consulting services, has sold its Intermark division. Intermark will be independently owned and run by its division members as the newly founded Focus Financial Systems. Ravi Jain, managing director of Intermark, and Gena Ioffe, chief technology officer and architect of Intermark’s core product, Focus, will run the new entity and acquire the rights to the Focus system. FNX will retain rights to the Sierra System, its trading and risk management system.