Citibank's Thierry Sciard Elected to FpML.org Board of Directors

NEW YORK, Jan. 12 - Thierry Sciard, Citigroup's Managing Director and Chief Administrative Officer for Global Fixed Income Derivatives and Director of Citibank International plc, has been elected to the FpML.org Board of Directors, according to the nonprofit consortium's Chairman Philippe Khuong-Huu.

Mr. Sciard succeeds Ned Schoenfeld, Citibank's Chief Technology Officer, who served on the Board since the establishment of the consortium to develop Financial products Markup Language as an e-commerce standard for OTC derivatives trading. The consortium is comprised of leading banks, information and software vendors and systems integrators.

FpML is a freely licensed XML-based standard. It is designed to support the electronic dealing and processing of financial derivatives between trading partners, including financial institutions and their client network. The standard received a 2000 Technological Development of the Year award from Risk Magazine.