|Key People||Wayne P. Luthringshausen, Chairman and CEO; Michael E. Cahill, President and COO|
OCC (formerly The Options Clearing Corporation), founded in 1973, is the world's largest equity derivatives clearing organization. OCC is dedicated to promoting stability and financial integrity in the marketplaces by focusing on sound risk management principles. By acting as guarantor, OCC ensures that the obligations of the contracts it clears are fulfilled.
In March of 2011, the organization revised its name and brand identity from The Options Clearing Corporation to OCC to reflect its more diverse suite of clearing solutions.
Although OCC began as a clearinghouse for listed equity options, the company has evolved to clear a multitude of products. OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Under its SEC jurisdiction, OCC clears transactions for put and call options on common stocks and other equity issues, stock indexes, foreign currencies, interest rate composites and single-stock futures (which are dually regulated by the SEC and CFTC) in the U.S.
As a registered Derivatives Clearing Organization (DCO) under CFTC jurisdiction, OCC also provides clearing and settlement services for transactions in futures and options on futures. Additionally, OCC provides central counterparty clearing and settlement services for two securities lending market structures, OCC's OTC Stock Loan Program and AQS, an automated marketplace for securities lending and borrowing.
Overseeing OCC is a clearing member dominated board of directors. OCC operates as an industry utility and receives most of its revenue from clearing fees charged to its members. OCC offers volume discounts on fees and, as applicable, refund excess fees to its clearing members.
OCC's participant exchanges include: BATS, Chicago Board Options Exchange, International Securities Exchange, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Nasdaq Stock Market, NYSE Amex, and NYSE Arca. Its clearing members serve both professional traders and public customers and comprise approximately 120 of the largest U.S. broker-dealers, futures commission merchants and non-U.S. securities firms. OCC's goal is to service clearing members and the exchanges through an operating plan that emphasizes timely, reliable and cost-efficient clearing operations.
OCC also serves other markets, including those trading commodity futures, commodity options and security futures. OCC clears futures contracts traded on CBOE Futures Exchange, NYSE Liffe, NASDAQ OMX Futures Exchange and ELX Futures, as well as security futures contracts traded on OneChicago and options on futures contracts traded at NYSE Liffe US.
The Options Clearing Corporation (OCC) was founded in 1973, initially as a clearinghouse for five listed markets for equity options. Prior to its establishment, and due to a great deal of encouragement from the SEC, the Chicago Board Options Exchange had its own clearing entity, the Chicago Board Options Exchange Clearing Corporation.
Clearing volumes have increased dramatically since its launch, reflecting the growing use of equity options. In October 2000, for example, the clearinghouse reported a clearing monthly volume record of 75.3 million contracts. In August 2011, OCC reported a record monthly volume of 550 million contracts.
On August 8, 2011, Standard & Poor's lowered the ratings on clearing facilities including the OCC, to double-A-plus, one step below the coveted triple-A rating. OCC issued a statement in response to the downgrade, that included this quote from OCC chairman and CEO Wayne P. Luthringshausen: “This rating change will have no negative impact on OCC’s operations or our ability to meet our obligations to OCC’s clearing members." 
- Wayne P. Luthringshausen, Chairman and Chief Executive Officer
- Michael E. Cahill, President and Chief Operating Officer
- James E. Brown, Executive Vice President and General Counsel
- Michael McClain, Executive Vice President, Business Development and Operations
- Gina McFadden, Executive Vice President, Industry Services
- Michael Walinskas, Executive Vice President and Chief Risk Officer
- Jean Cawley, Senior Vice President and Deputy General Counsel
- John Fennell, Senior Vice President, Risk Management and Treasury Operations
- Frank Larocca, Senior Vice President, Chief Financial Officer and Treasurer
- Raymond Tamayo, Senior Vice President and Chief Information Officer
Board Members: 
- Wayne P. Luthringshausen, Chairman and Chief Executive Officer, OCC
- Craig Abruzzo, Managing Director, Morgan Stanley & Co. Incorporated
- Meyer (Sandy) Frucher, Vice Chairman, The NASDAQ OMX Group, Inc.
- Edward T. Tilly, Executive Vice Chairman, CBOE Holdings, Inc., Chicago Board Options Exchange, and C2 Options Exchange
- Gary Katz, President and Chief Executive Officer, International Securities Exchange, LLC
- Andrew D. Kolinsky, President, Citadel Derivatives Group LLC
- Richard R. Lindsey, President and Chief Executive Officer, Callcott Group LLC
- Gerard (Gerry) McGraw, President, Operations & Services Group, Fidelity Investments
- Philip A. Pendergraft, CEO, Penson Worldwide, Inc.
- Thomas E. Stern, CEO, optionsXpress International
- John S. Willian, Managing Director, Global Security Services/Securities Division, Goldman, Sachs & Co.
- Steven Crutchfield, CEO, NYSE MKT LLC.
- Elizabeth K. King, Head of Regulatory Affairs, GETCO LLC
- Kevin G. Russell, Managing Director, Head of Equities Trading for the Americas, Citigroup Global Markets Inc.
- Jonathan B. Werts, Managing Director, Global Execution Services Bank of America Merrill Lynch
- Matthew B. Gelber,President, Bitterroot Asset Management LLC
- Alice P. White,Senior Associate Director, Federal Reserve System.
Comprehensive Options Expiration Calendar
The Options Symbology Initiative (OSI), is an industry plan to change the way options contracts are presented in trade and post-trade processing. The plan replaces the alpha codes and fractional pricing currently used to represent listed options contracts with an explicit series key and decimal strike prices. The current processing method that has been in use for the past 25 years poses a number of limitations in today's marketplace. OCC along with the U.S. options exchanges, in late October 2007 announced they had achieved a key milestone in the OSI with the release of implementation plans for the record layout changes that take effect June 30, 2008.
When the OSI is fully implemented, most options symbols will match the underlying security symbol which will reduce corporate action symbol conversions, eliminate the need for wrap symbols and the LEAPS rollover process, thereby reducing errors in front, middle and back office processes, while providing flexibility in new product development at the exchanges. This multi-year effort is expected to conclude in February 2010.
OCC Annual Reports
- OCC 2010 Annual Report
- OCC 2009 Annual Report
- OCC 2008 Annual Report
- OCC 2007 Annual Report
- OCC 2006 Annual Report Winner-2008 BMA Gold Tower Award
- OCC 2005 Annual Report Winner-2007 BMA Bronze Tower Award
- OCC 2004 Annual Report Winner-2006 BMA Bronze Tower Award
- OCC 2003 Annual Report
- OCC 2002 Annual Report
- OCC 2001 Annual Report
- OCC 2000 Annual Report
- OCC 1999 Annual Report