SOURCE: Options Clearing Corporation

Options Clearing Corporation

December 21, 2009 11:43 ET

The Options Clearing Corporation Announces Three Officer Promotions

CHICAGO, IL--(Marketwire - December 21, 2009) - In a year when the importance of effective risk management and efficient operations was unequivocal, The Options Clearing Corporation (OCC) today announced the promotions of three officers in these critical areas.

Mike McClain to Executive Vice President, Business Operations Group from Senior Vice President, Business Operations Group. Mr. McClain is responsible for the Business Operations Group, including National Operations and Member Services. He also oversees key projects such as Stock Loan as well as analyzing expanded clearing opportunities for OCC.

Tom Chatoney to Vice President, Enterprise Integration & Infrastructure Platforms from Director, Middleware, Networks and Environments. While continuing to lead Network, Middleware, and Enterprise Environments teams, Mr. Chatoney will also take on the leadership of Storage & Enterprise Systems Management organization. He will head up major infrastructure projects as well many key business initiatives, such as Data Distribution Service, Portal and Software Upgrades.

Dennis Woods to Vice President, Financial Surveillance from Director, Financial Surveillance. Mr. Woods will be responsible for all the day-to-day market surveillance operations as well as assuming management of the Risk Systems department.

About OCC

OCC is the world's largest derivatives clearing organization by contract volume and open interest. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 13 exchanges and platforms for options, financial and commodity futures, security futures and securities lending transactions.

As the CCP clearinghouse for the markets it serves, OCC assumes the counterparty risk of members involved in a trade -- becoming the buyer to every seller and the seller to every buyer. OCC manages its risk of member default by collecting margin (collateral). Clearing member margin requirements are calculated using OCC's proprietary System for Theoretical Analysis and Numerical Simulations (STANS) that uses large-scale Monte Carlo simulations to forecast price moves and correlations to make those margin determinations. In 1993, OCC became the first clearinghouse to receive a 'AAA' credit rating from Standard & Poor's Corporation, and has continued to receive that high rating every year as a result of its risk management standards.

OCC operates as a utility clearinghouse, owned by several of its participant exchanges but with a Board of Directors majority drawn from its clearing members, allowing it to provide highly efficient but low-cost solutions to the markets it serves. More information about OCC is available through its Web site at www.optionsclearing.com.

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