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2015 Press Releases

Chicago, December 17, 2015
OCC Declares Clearing Member Refund and Dividend for 2015 and Reduction of Fees under Approved Capital Plan
OCC, the world's largest equity derivatives clearing organization, today announced the declaration of a refund, dividend, and fee reduction under its approved capital plan.The refund of approximately $39 million to clearing members and the dividend of approximately $17 million to Stockholder Exchanges will be paid in Q1 2016 following issuance of OCC's financial statements.The new fee schedule, included below, will commence on March 1, 2016, and will result in a reduction in the average clearing fee of approximately 19% from current levels.

Chicago, December 8, 2015
OCC Supports Charitable Organizations Where Employees Live and Work
As part of its efforts to support the communities where its employees live and work, OCC, the world's largest equity derivatives clearing organization, is pleased to provide financial support to its employee-designated 2015 charitable organizations through OCC's offices in Chicago and Keller, Texas.

Chicago, December 1, 2015
OCC Cleared Contract Volume Increased 10% in November
OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in November was 328,272,930 contracts, a 10 percent increase from the November 2014 monthly volume of 298,563,036 contracts. Average daily volume at OCC is down three percent in 2015 with 16,803,068 contracts. OCC's stock loan program reported strong volume numbers in November with year-to-date activity up 16 percent.

Chicago, November 2, 2015
OCC Cleared Contract Volume Declined 26% in October
OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in October was 367,647,983 contracts, a 26 percent decrease from the October 2014 monthly volume of 499,598,951 contracts. Average daily volume at OCC is down 3 percent in 2015 with 16,840,156 contracts. OCC's stock loan program reported strong volume numbers in October with year-to-date activity up 15 percent.

Chicago, October 20, 2015
New OIC Study Shows Increased Knowledge of Listed Options by Investors
The Options Industry Council (OIC), the educational cooperative run by OCC, the world's largest equity derivatives clearing organization, and the U.S. options industry, today released the results of a new study conducted by Harris Poll that shows that industry efforts to educate investors about the use of listed options are generating positive results.

Chicago, October 16, 2015
OCC's Donohue Tells WILD Symposium in Chicago There is Work to be Done to Achieve True Gender and Pay Equality in the Workplace
In remarks on October 15 to the 4th Annual Women in Listed Derivatives (WILD) Symposium in Chicago, OCC Executive Chairman Craig Donohue applauded the work of WILD to empower women and create more visibility and opportunity, but said much more needs to be done.

Chicago, October 1, 2015
OCC Cleared Contract Volume Down 3% in September
OCC, the world's largest equity derivatives clearing organization,announced today that cleared contract volume in September was 361,537,608 contracts, off 3 percent from September 2014 volume of 371,034,038 contracts. OCC's year-to-date average daily cleared contract volume dropped slightly by 0.17 percent from 2014 with 16,855,238 contracts in 2015.

Chicago, September 11, 2015
OCC Applauds SEC Decision to Discontinue Stay and Proceed with Review of Capital Plan
OCC, the world's largest equity derivatives clearing organization, today expressed support for the decision of the U.S. Securities and Exchange Commission (SEC) to lift the stay of the approval order of OCC's proposed capital plan, allowing OCC to proceed with implementation of the capital plan. Under its order to discontinue the stay, the SEC determined that "strengthening the capitalization of a systemically important clearing agency, such as OCC, is a compelling public interest." Under SEC rules, the stay was instituted automatically by the filings of petitions requesting review by the full Commission of the approval order.

Chicago, September 1, 2015
OCC Cleared Contract Volume Rose 33% in August
OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in August was 434,313,474 contracts, up 33 percent from August 2014 volume of 325,548,099 contracts. OCC's year-to-date average daily cleared contract volume is up 0.15 percent from 2014 with 16,809,864 contracts in 2015.

Chicago, August 3, 2015
OCC Cleared Contract Volume Increased 7% in July
OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in July was 385,404,937 contracts, up 7 percent from July 2014 volume of 360,585,699 contracts marking the highest July volume on record. OCC's year-to-date average daily cleared contract volume is down 4 percent from 2014 with 16,252,971 contracts in 2015.

Chicago, July 1, 2015
OCC Cleared Contract Volume Grew 4% in June
OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in June reached 340,826,276 contracts, up 4 percent from June 2014 volume of 327,922,056 contracts. OCC's year-to-date average daily cleared contract volume is down 6 percent from 2014 with 16,028,458 contracts in 2015.

Chicago, June 1, 2015
OCC Cleared Contract Volume Declined 3% in May
OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in May reached 308,639,215 contracts, a 3 percent decrease from the May 2014 volume of 319,742,239 contracts. OCC's year-to-date average daily cleared contract volume is down 7 percent from 2014 with 16,144,143 contracts in 2015.

Chicago, May 28, 2015
OCC Appoints Joseph Kamnik as General Counsel
OCC, the world's largest equity derivatives clearing organization, announced today that Joseph Kamnik, currently the firm’s Vice President and Chief Regulatory Counsel, has been promoted to Senior Vice President and General Counsel, effective June 1. Kamnik will oversee OCC’s legal and regulatory affairs, and provide counsel on a broad range of legal matters to OCC’s management and board of directors. He will report to Craig Donohue, Executive Chairman.

Chicago, May 27, 2015
OCC Appoints Three New Members to Board of Directors
In its role as the foundation for secure markets, OCC, the world's largest equity derivatives clearing organization, today announced that George S. Fischer, Thomas A. Frank, and Eric W. Noll have joined its board of directors as Member Directors. Fischer and Frank were elected to terms ending in 2018, while Noll was appointed to fill a vacancy with a term ending in 2017.

Chicago, May 26, 2015
OCC Comments on S&P Reaffirmation of AA+/Stable Rating
OCC, the world's largest equity derivatives clearing organization, today commented on the reaffirmation of its AA+/Stable rating by Standard & Poor's.

Chicago, May 8, 2015
New Academic Research Finds Options-Based Investment Strategies Outperform Long Stock Strategy
The Options Industry Council (OIC) announced today the release of a new academic research study, "The Performance of Options-Based Investment Strategies: Evidence for Individual Stocks During 2003-2013," conducted by Professors Michael L. Hemler, University of Notre Dame's Mendoza College of Business, and Thomas W. Miller, Jr., Mississippi State University. The study, which was supported by OIC, found that some options-based portfolio strategies seemingly outperform long stock and improve the risk-return tradeoff of long equity portfolios over time. The authors presented the results of the study today at the 2015 Financial Advisors Forum held in conjunction with the 33rd Annual Options Industry Conference taking place this week in Miami Beach, Florida.

Chicago, May 7, 2015
OCC Says Listed Options Markets Must Remain Vibrant in the Eyes Of Regulators and Investors
At the 2015 Options Industry Conference in Miami, Michael McClain, President and Chief Operating Officer of OCC, the world's largest equity derivatives clearing organization, today said, "As the foundation for secure markets, it is important for OCC to ensure that the listed options markets remain vibrant and liquid in the eyes of regulators and the investing public."

Chicago, May 6, 2015
New OIC Report Highlights Potential for Listed Options Among Structured Retail Products Users
The Options Industry Council (OIC) today shared the results of the study, "Analysis on Structured Products and Listed Equity Options in Europe: An Industry Overview and Future Prospects," conducted by Structured Retail Products (SRP), which profiles recent trends in the European structured product market. The report showed many common structured products can be replicated using listed options and that while the outlook includes rising structured product volumes in Europe, their issuances were expected to move to a listed environment.

Chicago, May 1, 2015
OCC Cleared Contract Volume Declined 8% in April
OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in April was 331,552,965 contracts, an 8 percent decrease from the April 2014 monthly volume of 360,854,580 contracts. Average daily volume at OCC is down 9 percent in 2015 with 16,317,845 contracts. OCC's stock loan program reported strong volume numbers in April with year-to-date activity up 12 percent.

Chicago, April 2, 2015
OCC Files Motion with SEC to Lift Automatic Stay of Approval Order of Capital Plan
OCC, the world's largest equity derivatives clearing organization, today said it has filed a motion with the U.S. Securities and Exchange Commission (SEC) to lift the current stay of the approval order of its proposed capital plan. Under the SEC's rules, the stay was instituted automatically after petitions were filed and is part of the SEC's approval process.

Chicago, April 1, 2015
OCC Cleared Contract Volume Declined 6% in March, Stock Loan Activity Rose 17%
OCC, the world's largest equity derivatives clearing organization, announced today that total cleared contract volume in March was 341,593,001 contracts, representing a 6 percent decrease from the March 2014 volume of 362,379,835 contracts. OCC’s year-to-date average daily cleared contract volume is down 9 percent from 2014 with 16,500,170 contracts. Stock loan activity at OCC in March was up 17 percent from March 2014.

Chicago and Boston, March 10, 2015
OCC and eSecLending Create Liquidity Facility with CalPERS
The Options Clearing Corporation (OCC) and eSecLending announced today that they collaborated with CalPERS to develop a product to help OCC diversify and increase their committed liquidity resources while offering a compelling risk-adjusted return for CalPERS. The fully collateralized facility offers the OCC, the world's largest equity derivatives clearing organization, a source of timely access to liquidity while maintaining CalPERS' conservative risk profile.

Chicago, March 9, 2015
OCC Appoints Luke Moranda as New Chief Information Officer
OCC, the world's largest equity derivatives clearing organization, announced today that Luke Moranda has joined the firm as Senior Vice President and Chief Information Officer. He will direct the OCC's technology vision and strategy, and lead the transformation of world-class systems and services to meet the needs of OCC clearing members. Mr. Moranda will replace Raymond Tamayo, and report to Michael McClain, OCC President and Chief Operating Officer.

Chicago, March 6, 2015
SEC Approves New OCC Capital Plan
OCC, the world's largest equity derivatives clearing organization, announced today that the U.S. Securities and Exchange Commission (SEC) has approved OCC's capital plan, which increases shareholders' equity from $25 million at the end of 2013 to $247 million through the retention of $72 million in 2014 earnings and receipt of $150 million in equity capital contributions from OCC's stockholder exchanges: Chicago Board Options Exchange, Incorporated, International Securities Exchange, LLC, NASDAQ OMX PHLX LLC, NYSE MKT LLC, and NYSE Arca, Inc. Under the plan, the stockholder exchanges also commit to provide up to $117 million in replenishment capital in the event of unexpected losses, providing OCC with ready access to approximately $364 million in equity capital resources. Further, as OCC's target capital requirement grows, the stockholder exchanges' commitment to provide replenishment capital increases up to $200 million.

Chicago, March 2, 2015
OCC Announces Cleared Contract Volume Declined 13% in February
OCC announced today that total cleared contract volume in February was 306,531,839 contracts, a 13 percent decrease from the February 2014 volume of 350,507,077 contracts. OCC's year-to-date average daily cleared contract volume is down 9 percent from 2014 with 17,049,163 contracts.

Chicago, February 24, 2015
OCC Appoints Two New Public Directors to its Board
OCC announced today that Thomas R. Cardello and Robert R. Litterman were appointed to its Board of Directors, increasing the number of public directors on OCC's Board from 3 to 5.

Chicago, February 23, 2015
OCC Announces New Leaders to Enhance Business and Product Development and Communications
OCC announced today that Scot Warren has joined OCC as Executive Vice President, Business Development and The Options Industry Council. Mr. Warren has 25 years of experience in global equity and equity derivatives markets, including index services. In his new role, he will provide oversight to further strengthen OCC's business and product development efforts as well as its communications programs. Mr. Warren's responsibilities will also include oversight of The Options Industry Council and investor education.

Chicago, February 2, 2015
OCC Announces Average Daily Cleared Contract Volume Declined 5% in January
OCC announced today average daily cleared contract volume for the month of January was down 5 percent from January 2014 with 17,919,276 contracts and one less trading day. Total OCC cleared contract volume in January reached 358,385,522 contracts, a 9 percent decrease from the 2014 record January volume of 395,595,620 contracts. Despite this decline, January 2015 represents the fourth highest January volume for OCC to date.

Chicago, January 20, 2015
OCC Announces John Grace as New Chief Risk Officer
OCC announced today that John Grace has joined OCC as Executive Vice President and Chief Risk Officer. He will be responsible for driving and implementing OCC's risk management strategy. This includes advising senior management and the Board of Directors on risk issues, overseeing OCC's Model Validation and Enterprise Risk Management departments and working with regulators from the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, and the Commodity Futures Trading Commission.

Chicago, January 20, 2015
OCC Announces Innovative New $1 Billion Committed Repurchase Facility – Increasing Total Liquidity Resources to $3 Billion
Today OCC announced the establishment of an innovative pre-funded, $1 billion committed repurchase facility with a leading pension fund. This new facility increases OCC's overall liquidity resources from $2 to $3 billion, while diversifying OCC's committed lenders to include qualified pension funds in addition to OCC's existing participant base of banks and broker-dealers. Committed liquidity facilities are a critical resource to central counterparties like OCC, ensuring that sufficient capacity is maintained to fund payment obligations to clearing members in a timely way, and thereby promoting the uninterrupted flow of financial markets.

Chicago, January 2, 2015
OCC Announces Cleared Contract Volume Up 4% In 2014 And Record Year For Cleared Futures Volume
OCC cleared contract volume reached 4,333,019,384 contracts in 2014, representing a 4 percent increase from the 2013 volume of 4,170,855,768 contracts. 2014 marks the second highest year for OCC cleared contract volume to date behind 2011's record volume of 4.6 billion contracts. OCC ended the year with 360,688,154 cleared contracts in December, an 11 percent increase from December 2013. OCC also reported a record year for cleared futures volume.