News Release

NASD Appoints John L. Hilley Executive Vice President for Strategic Development

Washington, D.C.—The National Association of Securities Dealers, Inc. (NASD) today announced the appointment of John L. Hilley as Executive Vice President for Strategic Development effective February 23, 1998.

In the newly created position, Hilley will work closely with NASD’s Office of the Chairman and direct corporate strategy and planning. He will also oversee state, federal and international government relations.

"John is a valuable addition to our management team as we face the many challenges and opportunities over the coming years both domestically and internationally. To continue to meet the needs of investors, issuers and members, it is important that the NASD provide leadership in developing the marketplace for the future. We are delighted to have someone with John’s broad experience in this critical role," said Frank G. Zarb, NASD Chairman, CEO and President.

Prior to joining the NASD, Hilley most recently served at The White House as Senior Advisor to the President. Joining the Administration in February 1996, he advised the President on a broad range of national policy issues, and served as his chief representative to the United States Congress.

Earlier, Hilley held a number of senior positions in the United States Senate, including Chief Counsel for Senate Democratic Leader Tom Daschle; Chief of Staff for former Senate Majority Leader George Mitchell; and Majority Staff Director for former Senate Budget Committee Chairman Jim Sasser.

Hilley holds a B.A., M.A. and Ph.D. in Economics from Princeton University.

The National Association of Securities Dealers, Inc., is the largest securities industry self-regulatory organization in the United States. Through its subsidiaries, The Nasdaq Stock Market, Inc., and NASD Regulation, Inc., the NASD designs, operates and regulates securities markets and develops rules and regulations, provides a dispute resolution forum and conducts regulatory reviews of members activities, all for the benefit and protection of the investor. For more information about the NASD and its subsidiaries, please visit the following Web sites:;; or the Nasdaq Newsroom at