September 29, 2016 7:30 AM ET

Capital Markets

Company Overview of The Options Clearing Corporation

Company Overview

The Options Clearing Corporation provides equity derivatives clearing services. It offers central counterparty clearing and settlement services to exchanges; and trading platforms for options, financial futures, security futures, and securities lending transactions. The company also provides risk management services, such as margin methodology, default rules and procedures, cross margin programs, cross margin eligible products report, risk based haircuts, and customer portfolio margin. The Options Clearing Corporation was founded in 1972 and is based in Chicago, Illinois.

One North Wacker Drive

Suite 500

Chicago, IL 60606

United States

Founded in 1972

Phone:

312-322-6200

Fax:

312-977-0611

Key Executives for The Options Clearing Corporation

Executive Chairman and Chief Executive Officer
Age: 54
Chief Financial Officer and Senior Vice President
Age: 64
Chief Operating Officer
Vice President of Finance and Accounting
Chief Information Officer and Senior Vice President
Compensation as of Fiscal Year 2016.

The Options Clearing Corporation Key Developments

Options Clearing Corporation Announces Executive Changes

The Options Clearing Corporation announced that Michael McClain and Scot  Warren part of a newly created office of the executive chairman and CEO.  McClain is the company's COO, while Warren, who previously served  as executive vice president of business development, has been promoted to chief administrative officer. John Fennell, formerly executive vice president of financial risk management, will become executive vice president and chief risk officer. Replacing Fennell will be Dale Michaels, who has been working on the company's securities lending initiatives since he joined OCC in January. The company promoted first vice president of internal audit Adi Agrawal to senior vice president and chief audit executive. He replaces Jim Knoeck, who already left the company. Chip Dempsey, a former Morgan Stanley executive, will become senior vice president and chief commercial officer at OCC. At Morgan Stanley, Dempsey served as executive director of principal strategic investments. Also joining the company is Julie Bauer, who will work as senior vice president of government relations. Bauer, a former FINRA executive, will replace Joe Corcoran, who is moving to the company's legal department. David Prosperi, formerly first vice president of public relations, will assume additional responsibilities as first vice president of communications, the options industry council, and internet services.

The Options Clearing Corporation and eSecLending to Create Liquidity Facility with CalPERS

The Options Clearing Corporation and eSecLending announced 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, equity derivatives clearing organization, a source of timely access to liquidity while maintaining CalPERS conservative risk profile.

OCC Announces Executive Changes

OCC announced that Scot Warren has joined OCC as executive vice president, Business Development and The Options Industry Council. 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. Warren's responsibilities will also include oversight of The Options Industry Council and investor education. Additionally, to enhance the capabilities and better support the increasingly important role of communications as a systemically important organization, OCC has hired David Prosperi as first vice president, public relations, and Patricia Overstreet-Miller as first vice president, corporate communications, both reporting directly to Warren. Prosperi will oversee media relations and all external communications for OCC. With 30 years of experience in media relations, public affairs and corporate communications, including 17 years in listed financial derivatives markets, he will further efforts to strengthen OCC's brand and reputation. Prosperi will be responsible for developing and executing public relations strategies that support OCC's business goals. Overstreet-Miller brings broad and diverse communications experience and specific expertise in employee communications to OCC that will help drive employee engagement. Overstreet-Miller will be responsible for developing and executing internal communications strategies that align with and support OCC’s strategic and business goals, and strengthen employee engagement. Scot Warren has 25 years of experience in equity and equity derivatives markets, including index services. He served as Senior Managing Director - Equity Products and Index Services at CME Group. In that role, he managed CME's stock index futures business line and also led CME's entry into index services via the $670 million acquisition of Dow Jones Indices. Previously, he was vice president, Securities Division at Goldman Sachs, where he served as chief financial officer for America's Trading, and prior to that he served as president of Hull Transaction Services. David Prosperi has 30 years of experience in media relations, public affairs and corporate communications, including 17 years in listed financial derivatives markets. He served as vice president, global public relations, at Aon plc, where he was responsible for driving the firm's corporate communications and public relations strategy with emphasis on the firm's risk and human resources functions as well as executive communications. Patricia Overstreet-Miller has broad and diverse communications experience, as well as specific expertise in employee communications. She was the top communications executive in North America for Zurich Insurance Co. In that role, she was responsible for media and public relations, employee communications and engagement, and corporate positioning. Previously, she served as senior director, chief communications and marketing officer for The McCormick Foundation.

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Recent Private Companies Transactions

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