Options Industry Council
|The Options Industry Council|
|Key People||Mary Savoie, Executive Director|
The Options Industry Council (OIC) is an industry resource funded and managed by Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization, to provide education to investors about the benefits and risks of using exchange-listed options to gain market exposure, generate income and as risk management solutions. Formed in 1992, OIC is supported by Box Options Exchange LLC, Cboe Global Markets, Inc., Miami International Securities Exchange, LLC, Nasdaq, Inc., The New York Stock Exchange, and OCC. These organizations' stated goal is to provide a financially sound and efficient marketplace where investors can hedge investment risk and find new opportunities for profiting from market participation.
OIC hosts free options webinars, videos, podcasts and live events, distributes educational literature, maintains an informative website.  with access to timely and valuable educational content, and offers live help from options professionals who are knowledgeable experts on the use of exchange-listed options.
- 1 History
- 2 Education
- 3 Senior Executives
- 4 Roundtable
- 5 Instructors
- 6 John Lothian News Interviews
- 7 References
By the early '90s, the listed options market had grown from 16 underlying stocks traded in the old smoker’s lounge at the Chicago Board of Trade (the first location of the CBOE), to an industry of multiple exchanges that allowed for the trading of puts, options with longer term expiries and options on indexes. The industry recognized that to facilitate continued growth of a complex financial instrument like options, it needed to create an institution focused on education.
In 1992, the OCC, American Stock Exchange (AMEX), Chicago Board Options Exchange (CBOE), New York Stock Exchange (NYSE), Pacific Stock Exchange (PSE) and Philadelphia Stock Exchange (PHLX) formed the OIC.
By 1993 the OIC had expanded its reach to 50 North American cities and more than 3,000 investors and brokers attend its seminars. Their first website was created in 1996. The OIC furthered its reach by expanding to on-demand videos and podcasts in 2006 and webinars in 2013.
The year the OIC was created, the OCC reported annual volume of 201,995,757 contracts. In 2016, the OCC reported an annual volume of 4,167,747,777 contracts. The continued growth of the industry and the designation of the OCC as a systemically important financial market utility (SIFMU), in 2012, have pushed the OIC to the expand its educational efforts to an increasing number of investors.
In 2017, OIC celebrated its 25th anniversary as a worldwide resource for options education.
OIC conducts hundreds of seminars and videos throughout the year, distributes thousands of interactive CDs and brochures, and maintains its options education website. Options industry professionals create all the content in OIC's software, brochures and website. OIC also maintains a staff of compliance and legal professionals.
A downloadable e-Reader version of the options book An Investor’s Guide to Trading Options is available on OIC’s website, OptionsEducation.org
Options Education Program
OIC offers its Options Education Program (OEP) for free. The OEP aims to provide education on the responsible use of options to a global audience of investors. The program has four main educational goals: customized education, comprehensive courses, in-person learning and live options help. OEP offers the MyPath assessment tool, which allows investors to test their level of options knowledge for a personalized learning track. Later on users can advance through a customized curriculum filled with online courses, podcasts and videos ranging from basic to advanced options topics. Students of the program can also learn about options in-person by attending live seminars and events hosted by experienced options instructors. A video overview of the OEP can be found here
Seminars focusing on basic, intermediate, and advanced options topics such as volatility are offered at select locations across the U.S. Additional intermediate and volatility seminars have been added for investors seeking advanced education. For those who are not able to make the physical seminars, there are additional webinars that can be accessed worldwide.
OIC offers dozens of podcasts accessible at the viewers' convenience. The company also provides a glossary and quick concepts Youtube series to further educate current and potential options traders. The OIC's Youtube channel can be found here.
OIC offers educational podcasts covering a wide variety of topics, from options basics and terminology to more advanced concepts. These podcast can be found here or in iTunes.
OIC's Wide World of Options radio show features a dynamic mix of current events, investor resources, strategy insights and interviews with a variety of options professionals throughout the industry. Past episodes can be found here.
OIC's Investor Services is available for options-related questions that do not focus on trading/investing advice but rather on options education. The company can be contacted via e-mail at: firstname.lastname@example.org.
Virtual Trading System
In November of 2007, the OIC introduced the Virtual Trading System (VTS) to its online educational offerings. The system is designed to provide investors with the most realistic trading environment possible as they practice executing various options strategies.
OIC’s VTS screens allow investors to experience a realistic trading situation for trading stocks and options, using strategies such as spreads, straddles and covered calls, while also investigating different order types like triggers and one-cancels-other. The system also offers stock and options quote detail screens where users can obtain quotes from any screen through the integrated quote window. Once free registration with the OIC is completed, investors are given $25,000 in virtual funds to practice executing trades and trading strategies.
Among the OIC's tools for investors are a number of calculators: a theoretical options calculator (personalize an underlying instrument and see how much the option would cost), a collar calculator (for determining hypothetical outcomes of a given collar strategy), covered call calculator (same as the collar calculator but for a different strategy) and a position simulator (using sample data see the effects of varying strategies in a simulated market).
The OIC's website offers a repository of historical and implied volatility for a range of indexes and stocks.
- Mary Savoie, Executive Director
- Frank Tirado, Vice President, Education
- Joe Burgoyne, Director, Institutional and Retail Marketing
- Eric Cott, Director, Financial Advisor Education
- Joe Cusick, Director, Institutional Education and Business Development
- Gary Delany, Director, European Marketing and Education
OIC's Roundtable is the independent governing body of the Council and is comprised of representatives from the U.S. options exchanges, member brokerage firms and OCC.
- John Black, Product Development Specialist, Nasdaq
- Robert Bodnar, Executive Director, Morgan Stanley
- Jeff Chiappetta, Vice President of Client Experience and Education, Charles Schwab
- Gary Franklin, Vice President, Manager Options Trading & Strategies, Raymond James Financial
- Thomas Kennelly, Lead-Trading Operations, MIAX Options
- Christopher Larkin, Senior Vice President, E*TRADE Securities LLC
- Frank A. Magnani, Global Prime Brokerage Institutional Sales, Interactive Brokers
- Dave Nadig, CEO, ETF.com
- Bill Ryan, Managing Director, NYSE American Options
- Patty Schuler, Vice President, Sales & Marketing, BOX Options Exchange
- Greg Stevens, Vice President, Brokerage Products Development, Fidelity
- Roma Colwell-Steinke, Senior Administrator of Educational Programs, The Options Institute at CBOE
- Peter B. Lusk, Instructor, CBOE Options Institute
- Russell Rhoads, Instructor, CBOE Options Institute
- Bill Ryan, Managing Director, NYSE Amex Options
John Lothian News Interviews
- About The Options Industry Council. Options Industry Council.
- OCC Historical Volume Query. OCC.
- OIC Introduces the Industry's Premiere Options Education Program. OIC.
- Seminars And Events Registration. OIC.
- Online Classes. OIC.
- OIC Audio & Video Podcasting. OIC.
- "The Options Industry Council Adds Virtual Trading to Its Portfolio of Educational Tools”. OIC.