2014 Press Releases
Chicago, December 31, 2014
OCC Announces Officer Promotions
OCC announced seven officer promotions today including some as part of a reorganization supporting the company's efforts to meet the heightened expectations of regulators and market participants for systemically important clearing houses like OCC.
Chicago, December 23, 2014
OCC Approves New Capital Plan
OCC announced today its Board of Directors approved a newly formed capital plan designed to comply with proposed new standards for covered clearing agencies. Under the plan, OCC's existing stockholders, Chicago Board Options Exchange, Incorporated, International Securities Exchange, LLC, NASDAQ OMX PHLX LLC, NYSE MKT LLC, and NYSE Arca, Inc. will contribute $150 million in equity capital, increasing OCC shareholders' equity to approximately $247 million by Q1 2015. The existing stockholders will also commit to provide specified replenishment capital if needed. The plan, which is subject to regulatory approval, and approval by the exchange stockholders' boards of directors, will enable OCC to be compliant with the proposed new standards by February 2015, well in advance of the expected implementation date.
Chicago, December 1, 2014
OCC Announces Cleared Contract Volume Declined 6% in November While 2014 Volume is Up 3%
OCC announced today that total cleared contract volume in November was 298,563,036 contracts, a 6 percent decrease from the November 2013 volume of 318,233,056 contracts. OCC's year-to-date total cleared contract volume is up 3 percent from 2013 with 3,972,331,230 contracts.
Chicago, November 18, 2014
OCC Announces Kimberly McGarry as New Chief Financial Officer
OCC announced today that Kimberly McGarry has joined OCC as Senior Vice President and Chief Financial Officer.
Chicago, November 10, 2014
OCC Announces Tracy Raben as New Chief Human Resources Officer
OCC announced today that Tracy Raben has joined OCC as Senior Vice President and Chief Human Resources Officer. She will report to Mike McClain, President and Chief Operating Officer.
Chicago, November 3, 2014
OCC Announces Cleared Contract Volume Increased 23% in October for Second Highest Volume Month on Record
OCC announced today that total cleared contract volume in October reached 499,598,951 contracts, a 23 percent increase from October 2013. This represents the second highest monthly volume on record behind the August 2011 record volume of 554,842,463 contracts. OCC's year-to-date total cleared contract volume is up 4 percent from 2013 with 3,673,768,194 contracts.
Chicago, October 13, 2014
OCC Announces Laurie Flom as New Head of Enterprise Risk Management
OCC announced today that Laurie Flom has joined OCC as First Vice President and Head of Enterprise Risk Management.
Chicago, October 1, 2014
OCC Announces Cleared Contract Volume in September Increased 15%
OCC announced today that total cleared contract volume in September reached 371,034,038 contracts, a 15 percent increase from the September 2013 volume of 321,604,328 contracts. OCC's average daily cleared volume for the month was 17,668,288 contracts, a 10 percent increase from September 2013. OCC's year-to-date total cleared contract volume is up 2 percent in the first three quarters of 2014 with 3,174,169,243 contracts.
Chicago, September 29, 2014
OCC and The U.S. Options Exchanges Announce New Risk Control Standards to Strengthen Industry Protections
OCC and the U.S. options exchanges announced today the adoption of risk control standards that include price reasonability checks, drill-through protections, activity-based protections and kill-switch protections, pending regulatory approval.
Chicago, September 19, 2014
OCC Announces Retirement of CEO Michael Cahill at Year-End
OCC announced today that CEO Michael Cahill plans to retire from OCC at year-end after 32 years with the company. OCC's Board of Directors has created a Board subcommittee to undertake a search for a new Chief Executive Officer.
Chicago, September 2, 2014
OCC Announces Average Daily Cleared Contract Volume Up 4% in August
OCC announced today average daily cleared contract volume in August was 15,502,290 contracts, a 4 percent increase from August 2013. Total cleared contract volume for the month reached 325,548,099 contracts in 21 days, a 0.35 percent decrease from the 22 trading-day August 2013 volume of 326,697,656 contracts. OCC's year-to-date cleared contract volume is up 0.19 percent with 2,803,135,205 contracts in 2014.
Chicago, August 1, 2014
OCC Announces Cleared Contract Volume Increased 10% in July
OCC announced today that total cleared contract volume reached 360,585,699 in July, a 10 percent increase from the July 2013 volume of 328,899,421 contracts. This represents the second highest July volume on record following the July 2008 volume of 366,783,829 contracts. OCC's year-to-date cleared contract volume is up 0.26 percent from 2013 with 2,477,587,106 contracts.
Chicago, July 1, 2014
OCC Announces Cleared Contract Volume in the First Half of 2014 Declined 1%, Fifth Year Above 2 Billion Contracts
OCC announced today that total cleared contract volume reached 327,922,056 in June, an 11 percent decrease from the June 2013 volume of 367,660,030 contracts. OCC's year-to-date cleared contract volume is off 1 percent from 2013 with 2,117,001,407 contracts, marking the fifth consecutive year that first half cleared volume reached 2 billion contracts.
Chicago, June 5, 2014
OCC Wins Silver in The Best Annual Report Category at The PCC Golden Trumpet Awards
OCC announced today that its 2012 annual report won a Silver Trumpet in the Best Annual Report category at the 2014 Golden Trumpet Awards presented by the Publicity Club of Chicago at a dinner honoring the award winners on June 4, 2014.
Chicago, June 2, 2014
OCC Announces Cleared Contract Volume Declined In May While 2014 Volume Remains Up
OCC announced today that total cleared contract volume reached 319,742,239 in May, an 18 percent decrease from the May 2013 volume of 391,347,069 contracts. OCC's year-to-date cleared contract volume remains up for 2014 with 1,789,079,351 contracts, 1 percent higher than the same point in 2013. OCC's year-to-date average daily contract volume is up 2 percent at 17,369,702 contracts.
Chicago, May 21, 2014
OCC and The U.S. Options Exchanges Adopt New Pre- And Post-Trade Risk Control Principles
OCC and the U.S. options exchanges announced today the adoption of pre- and post-trade risk control principles that are designed to enhance the monitoring of trading activity on a real-time basis and reduce the risk of errors or other inappropriate activity that poses a material risk of significant market disruption. The new principles, which are consistent with ongoing initiatives by the U.S. options exchanges to enhance exchange risk controls, will supplement enhanced OCC post-trade controls that are currently under development.
Chicago, May 2, 2014
OCC Wins Gold for The Best Annual Report at The FCS Portfolio Awards
OCC announced today that its 2012 annual report won top honors taking the Gold for the best annual report at the 2014 FCS Portfolio Awards presented by the Financial Communications Society in New York City on May 1, 2014.
Chicago, May 1, 2014
OCC Announces Total Cleared Contract Volume Increased 6 Percent Year-To-Date
OCC announced today that total cleared contract volume in April reached 360,854,580 contracts, which is 4 percent less than the previous April with one less trading day. OCC's year-to-date cleared contract volume stood at 1,469,337,112 contracts up 6 percent so far for 2014.
Austin, May 1, 2014
Heightened Expectations for Systemically Important Clearing Houses: How OCC is Meeting the Challenge
Craig Donohue at the Options Industry Conference in Austin, TX, gave the following speech on May 1, 2014.
Chicago, April 28, 2014
OCC Successfully Launches Clearing OTC S&P 500 Equity Index Options on April 25
OCC announced today it launched its over-the-counter (OTC) S&P 500® equity index option clearing services on Friday, April 25, bringing capital and operational efficiencies and enhanced customer protections to the OTC equity derivatives marketplace.
Chicago, April 1, 2014
OCC Announces Cleared Contract Volume Increased 14% In March
OCC announced today that total cleared contract volume in March reached 362,379,835 contracts, representing a 14 percent increase from March 2013. OCC's year-to-date cleared contract volume is up 10 percent with 1,108,482,532 contracts in the first quarter of 2014.
Chicago, March 12, 2014
OCC Announces Board Appointments and Nominations Adopts Governance Enhancements
OCC announced today the appointment of new Board Officers and Board committee chairs for 2014.
Chicago, March 3, 2014
OCC Announces Cleared Contract Volume in February Rose 8%
OCC announced today that total cleared volume in February reached 350,507,077 contracts, an 8 percent increase from the February 2013 volume of 325,237,351 contracts. OCC's year-to-date total cleared contract volume is up 8 percent in 2014 with 746,102,697 contracts.
Chicago, February 24, 2014
OCC's Board of Directors Joins Board Leadership Organization NACD
OCC announced today its Board of Directors has become a Full Board Member of the National Association of Corporate Directors (NACD). This NACD membership demonstrates OCC's commitment to the highest standards of corporate governance and board leadership.
Chicago, February 3, 2014
OCC Announces Record January for Options, Futures and Stock Loan Activity
OCC cleared contract volume reached 395,595,620 in January, an 8 percent increase from the January 2013 volume of 365,027,878 contracts. January 2014 marks the highest January volume for OCC to date, reaching record highs in options, futures and stock loan activity.
Chicago, January 28, 2014
OCC Prepares to Launch OTC S&P 500 Equity Index Options Clearing
OCC announced today it has received regulatory approvals to clear over-the-counter (OTC) equity index options, bringing capital and operational efficiencies and enhanced customer protections to the equity derivatives marketplace.
Chicago and Boston, January 27, 2014
OCC Teams with Securities Finance Trust Company to Create an Automated Default Management Platform
OCC and Securities Finance Trust Company (SFTC) announced today they have developed Auction Platform Services (APS) to aid OCC with its default management process.
Chicago, January 6, 2014
OCC Completes Executive Leadership Transition Plan, Expands Management Team
OCC announced today it has completed its executive leadership transition plan. Effective immediately, Craig S. Donohue assumes the role of Executive Chairman, with Michael E. Cahill becoming President and Chief Executive Officer. In his role as Executive Chairman, Mr. Donohue will preside over OCC Board meetings and will be responsible for OCC's control functions (Enterprise Risk Management, Internal Audit and Corporate Compliance) and external affairs (Government Relations and Corporate Communications/Options Industry Council). As President and CEO, Mr. Cahill will provide oversight for day-to-day business operations, overseeing Technology, Risk Management, Business Operations, Finance and Legal Affairs.
Chicago, January 2, 2014
OCC Announces Cleared Contract Volume Reached 4.2 Billion in 2013 and Record Year for Futures and Stock Loan Activity
OCC cleared contract volume reached 4,170,855,768 contracts in 2013, up 3 percent from the 2012 annual volume of 4,042,175,801 contracts. OCC ended the year with cleared contract volume reaching 325,905,926 contracts in December, up 3 percent from the December 2012 volume of 317,190,974 contracts.