Richard Roberts is a partner with Thelen Reid & Priest LLP in Washington, D.C. From 1990 to 1995, Mr. Roberts served as a Commissioner of the Securities and Exchange Commission and, in this capacity, was actively involved in, has written about or has testified on a wide range of subjects affecting the capital markets. Since leaving the SEC, Mr. Roberts has been a frequent media commentator and writer on various securities public policy issues and has assisted the governments of Romania and Ukraine in the development of a securities market. From 1987 to 1990, he was the chief of staff for Senator Richard Shelby.

Mr. Roberts is a graduate of Auburn University where he earned a Bachelor of Science degree in Electrical Engineering. He received his Juris Doctorate from the University of Alabama School of Law and his Master of Laws from The George Washington University Law Center. Mr. Roberts is a member of the Advisory Board of the International Journal of Disclosure and Governance, of Securities Regulation and Law Report, and of the Municipal Finance Journal. Mr. Roberts has served as a member of the NASD's District 10 Regional Consultative Committee, Market Regulation Advisory Board, and Legal Advisory Board.

Lon Gorman is the retired Vice Chairman of The Charles Schwab Corporation and President of Schwab Institutional and Asset Management. Mr. Gorman was a member of the Executive Committee of The Charles Schwab Corporation. He served on Schwab's Global Risk Steering Committee and was Chairman of Schwab's Learning and Development Committee. Mr. Gorman joined Schwab in June 1996 following 16 years at Credit Suisse First Boston, where he was Managing Director and head of global equity trading. Prior to CSFB, he was a partner at F. Eberstadt & Co. with responsibility for institutional sales and trading.

Mr. Gorman currently serves on the board of directors of the Nasdaq Stock Market, Inc. He has also served as Vice Chairman of the board of directors of the Securities Industry Association (SIA), Co-Chairman of the SIA Market Structure Committee, and as a member of the SIA Public Trust & Confidence Committee and the New York Stock Exchange and NASDAQ Quality of Markets committees. Mr. Gorman was a featured speaker at numerous industry forums and an outspoken advocate for the interests of Schwab's clients on industry and market structure issues. He attended Adelphi University.

Robert Gasser has served as Chief Executive Officer of NYFIX Millennium since 2001 and President of NYFIX Transaction Services and NYFIX Clearing Corporation since their respective formations and NASD approvals in 2002 and 2003, respectively. Mr. Gasser was formerly Head of US Equity Trading for JP Morgan, which included the firm's NASDAQ, Listed, Convertible, and Program Trading businesses. Mr. Gasser started with JP Morgan in 1987 and held a variety of positions. Also, during his tenure at JP Morgan, Mr. Gasser served on various industry committees, including the NASDAQ Quality of Markets Committee and the NYSE Upstairs Traders Advisory Committee. In addition, he directed the firm's investment in NYFIX Millennium and Archipelago, where he served on the board of managers from 1999 until 2001. Mr. Gasser holds a Bachelor of Science degree in Foreign Service from Georgetown University, School of Foreign Service.