SOURCE: OCC

OCC

December 16, 2010 15:15 ET

The Options Clearing Corporation Announces Two Officer Promotions

CHICAGO, IL--(Marketwire - December 16, 2010) - The Options Clearing Corporation (OCC) announced today the promotions of two officers.

Mary Savoie to First Vice President, Industry Services from Vice President, Industry Services. She will continue as lead manager of the Options Industry Council, an industry cooperative program of comprehensive options education for retail and institutional investors and financial advisors. Ms. Savoie will also manage OCC's role in organizing the Options Industry Conference and OCC's Corporate Communications function. 

William Eineke to Vice President, Risk Management from Director, Risk Management. In this role he will be responsible for increasing OCC's risk management systems role by expanding the products covered by OCC's risk-based haircuts and customer portfolio margin data and more importantly will lead the multi-year systems effort to convert OCC's pricing systems to the new technology.

These promotions come at the end of the eighth consecutive year of record volume cleared at OCC.

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 15 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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