SOURCE: OCC

OCC

February 22, 2011 11:03 ET

The Options Clearing Corporation Board of Directors Welcomes New Member

CHICAGO, IL--(Marketwire - February 22, 2011) - The Options Clearing Corporation (OCC) announced today the appointment of Thomas Callahan, Executive Vice President and Chief Executive Officer of NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext, to its Board of Directors.

Mr. Callahan joined NYSE Euronext in 2008. Prior to joining NYSE Euronext, he was the Head of Global Financial Futures and Options at Merrill Lynch where he was responsible for global listed derivatives for debt, equity, FX and commodity products. Mr. Callahan also held various leadership positions during his 15 year tenure at Merrill Lynch, in both New York and London. Prior to that, Mr. Callahan worked for Prudential Securities, where he began his career in 1992.

Mr. Callahan is a 1991 Graduate of Harvard University. He replaces Edward Boyle who has left NYSE Euronext.

"We are pleased Tom has joined our Board of Directors," said Wayne Luthringshausen, OCC Chairman and Chief Executive Officer. "Tom's experience and industry knowledge are a welcome addition to our Board."

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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