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February 1, 1999

Lee Korins Named New STA President

By Michael L. O'Reilly

The Security Traders Association named Lee Korins to succeed John Tognino as the STA's new president and chief executive.

Tognino last month joined the Nasdaq-AMEX Market Group, a subsidiary of the National Association of Securities Dealers, as executive vice president of global sales and member affairs.

The selection of Korins was viewed by some trading professionals as an unexpected choice by the STA, whose previous leaders have usually been former Nasdaq market makers.

Korins is a past head of both the Pacific Exchange (PCX) and the Philadelphia Stock Exchange (PHLX).

STA Issues

Korins admitted that the issues relevant to the STA will be mostly new to him. But he said an STA transition team will bring him up to speed in the months ahead.

"The particular issues will be new," Korins said. "But the STA needed a head with experience in all aspects of the business. I've been involved with two exchanges. I have close relationships with the heads of all U.S. exchanges. I've been successful with legislation in Washington and in California. Those are important parts of the job."

STA Chairman Art Kearney, director of capital markets at John G. Kinnard & Company in Minneapolis, said Korins was selected for his broad knowledge of the markets.

"With the buyside and the sellside [more closely integrated], and our market looking more like an auction market," Kearney said, "we wanted someone with a [broad] knowledge of market issues. Lee has an established presence at the exchanges and in Washington."

Exchange Experience

Korins served as chairman and chief executive of the PHLX from 1996 to 1998, prior to the PHLX's announced merger with the American Stock Exchange and the NASD.

Before his tenure with the PHLX, Korins was chairman and chief executive of the PCX from 1990 to 1996.

He began his Wall Street career at Merrill Lynch & Co. in 1957. During his 32 years with the firm, he served separately as a floor broker on the New York Stock Exchange, as managing director of equity trading and as regional manager of the New York institutional sales office for equities.

Kearney said an STA committee led by John C. Giesea of Advest in Hartford began a search with ten candidates after Tognino's announced his resignation in November.

The committee had narrowed its list down to Korins by late last month.