News Release

NASD Appoints Michael D. Jones Chief Administrative Officer

Washington, D.C.—The National Association of Securities Dealers, Inc. (NASD®), today announced the appointment of Michael D. Jones to the position of Chief Administrative Officer (CAO). In this capacity, he will report to Salvatore F. Sodano, Deputy Chief Operating Officer and Chief Financial Officer. Jones, a former Deputy Director and Counsel for the Securities and Exchange Commission’s Office of Public Affairs, Policy Evaluation, and Research, came to the NASD in August 1996 to head the newly established NASD Office of the Individual Investor. In addition to his position as CAO, Jones will continue in his current positions of Senior Vice President, Office of the Individual Investor, and Interim Senior Vice President, Corporate Communications.

As CAO, Jones will provide strategic and operational oversight for the NASD’s 18 facilities nationwide. He will oversee all operations and administrative services budgets, and will ensure, on behalf of the NASD, that all contractual commitments are met. Additionally, Jones will serve as the central purchasing agent and will oversee the organization’s real estate, telecommunications, conferences, the corporate travel function and all office administration and support services for the NASD’s four primary sites in Washington, D.C.; Rockville, Maryland; Trumbull, Connecticut; and New York City.

"As the NASD continues to grow and improve its operations, the development of a strong, cohesive, and forward thinking management team is critical to the organization’s success. With that in mind, I’m pleased to announce the appointment of Michael Jones to the pivotal position of CAO," said Frank G. Zarb, Chairman and Chief Executive Officer of the NASD. "Michael’s demonstrated effectiveness and success within the industry, and especially here at the NASD, will allow us to move ahead with our plans for the future, confident in the leadership and management abilities, and experience that he brings to this appointment."

The NASD 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 member activities, all for the benefit and protection of the investor.

(A photograph of Michael Jones is available upon request.)