**NOTE TIME CHANGE: HEARING BEGINS AT 9 A.M., CDT**

Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has announced that the committee will wrap up its series of hearings on the regulatory and structural environment for the changing financial markets with a field hearing in Chicago.

"For decades, Chicago has made America the leader of innovation in the financial marketplace," Gramm said. "That leadership is now threatened as never before by new technology and antiquated regulation. The committee is coming to Chicago because Congress cannot be indifferent about whether the seat of financial innovation and progress is in Frankfurt or London instead of Chicago or New York."

WHAT:

Committee on Banking, Housing and Urban Affairs

WHEN:

9:00 a.m. Monday, May 8, 2000

WHERE:

3rd Floor Conference Center
Federal Reserve Bank of Chicago
230 South LaSalle Street

WHO:

William Rainer, Chairman
Commodity Futures Trading Commission

Arthur Levitt, Chairman
Securities and Exchange Commission

Bradley W. Skolnik, President
North American Securities Administrators Association
Indiana Securities Commissioner

David Brennan, Chairman
Chicago Board of Trade

William J. Brodsky, Chairman and CEO
Chicago Board Options Exchange

Robert H. Forney, President and CEO
Chicago Stock Exchange

Scott Gordon, Chairman
Chicago Mercantile Exchange

Shawn Dorsch, President and COO
Derivatives Net Inc.

David Downey, Executive Vice President
Interactive Brokers

Jerry Putnam, Chairman and CEO
Archipelago LLC