OCC, the world's largest equity derivatives clearing organization, announced today that Thomas A. Wittman, a veteran exchange executive, has joined the board of directors as an Exchange Director, replacing Gary Katz, formerly of The International Securities Exchange .
Wittman is currently Executive Vice President of Nasdaq and Global Head of Equities, a division of the company's Global Trading & Market Services business. He oversees the global cash equities and equity derivatives businesses and is responsible for the management and strategy of Nasdaq's three U.S. equities markets, three U.S. options markets, the equity and equity derivatives trading in Copenhagen, Helsinki and Stockholm as well as Nasdaq's investment in the Multilateral Trading Facility, TOM. Wittman also serves as CEO and President of The Nasdaq Stock Market , Nasdaq PHLX LLC , Nasdaq BX Inc. , Ensoleillement Inc. and is CEO of the International Securities Exchange, LLC , ISE Gemini, LLC and ISE Mercury, LLC.
Previously, Wittman served as Senior Vice President, Head of U.S. Equities and Derivatives and President of PHLX and prior to that, as Vice President of U.S. Options, where he led the team in transitioning from an open outcry, floor-based specialist system to an electronic, hybrid system. He also drove the development of the Nasdaq Options Market and the launch of Nasdaq BX Options .
"The addition of Tom Wittman to the OCC board of directors further strengthens our ability to ensure confidence in the financial markets and the broader economy as a systemically important financial market utility," said Craig Donohue, Executive Chairman of OCC. "Tom's global experience and insights, along with those of his fellow board members, will support OCC's mission to provide exceptional risk management and innovative solutions to reduce systemic risk and increase capital efficiencies for market participants."
Donohue added, "I also want to thank Gary Katz for his invaluable contributions and thought leadership throughout his tenure as a member of our board of directors. Gary has had a profound impact on the listed options industry and market participants, which has resulted in tremendous growth and innovation. On behalf of our fellow board members, I thank Gary for his commitment of excellence and service to OCC."