Mr. Borish is also active in the futures industry. He is a public non-member board director of the Chicago Board of Trade. He serves on the Board of Directors of the Futures Industry Association and is the Chairman of the Institute for Financial Markets (a not-for-profit, educational institute). Mr. Borish was a member of the Presidential Task Force on Market Mechanisms (the "Brady Commission") that studied the stock market decline of October 1987. He holds a masterŐs degree in Public Policy from the Gerald R. Ford School for Public Policy Studies at the University of Michigan and a B.A. in economics from the same university.